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Germany: Deutsche Bank conducting internal gold fixing probe

By  |  June 19, 2014

As Germany regulators continue with their investigation into claims of gold benchmark rate manipulation, sources say Deutsche Bank is now conducting its own internal probe of the matter.

The lender had participated in the benchmark setting process for 20 years until last May, when it dropped out of the panel. According to unnamed sources, Deutsche Bank is now probing the matter as financial regulator Bafin looks into the allegations as well.

According to one source, Bafin visited the bank’s offices in London more than one year ago “and looked at the metals business and all the benchmarking issues. That’s when the internal audits started as well.”

Investigations into claims of gold benchmark fixing have opened in several jurisdictions. Last May, UK authorities fined Barclays Bank, which also sits on the gold fixing panel, $43.8 million for failing to put internal controls in place to prevent such market manipulation.

Full content: Reuters

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