The Financial Conduct Authority (FCA) is looking into claims traders intentionally pushed up the price of government bonds before attempting to sell them to the Bank of England (BoE) in 2011.
Paul Fisher, BoE executive director for markets, said the regulator was examining suspicious movements in the price of the 2017 bond auction, where the Bank was looking to buy billions of pounds of gilts for its quantitative easing (QE) programme. The Bank declined to purchase the bonds from one lender after it became suspicious of the sharp rise in their price. The accusation emerged during a parliamentary committee hearing on Tuesday, though Fisher said authorities did not know for sure whether there was an attempt to rig the gilt auction. "It was very obvious to us what was happ...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes