LONDON (Reuters) - The FCA said it was formally investigating alleged price manipulation in the $5.3 trillion (3.32 trillion pounds)-a-day global foreign exchange market, working alongside agencies overseas.
The FCA, which has been asking banks for information relating to foreign exchange trading since June, said on Wednesday it was investigating a number of firms.
"As part of this we are gathering information from a wide range of sources including market participants. Our investigations are at an early stage and it will be some time before we conclude whether there has been any misconduct which will lead to enforcement action," an FCA spokesman said.
(Reporting by Steve Slater; Editing by Kirstin Ridley)