Grabiner QC and Travers appointed to review Bank of England forex fixing claims
One Essex Court's Lord Grabiner QC and Travers Smith have been appointed to carry out a review into the Bank of England's conduct in the foreign exchange market, in response to allegations that it allowed the manipulation of foreign exchange (forex) rates to take place. The oversight committee of the bank's court of directors appointed Grabiner to lead the investigation earlier today (12 March), after Travers' role supporting the investigation had already been announced.
March 12, 2014 at 08:10 AM
2 minute read
One Essex Court's Lord Grabiner QC and Travers Smith have been appointed to carry out a review into the Bank of England's conduct in the foreign exchange market, in response to allegations that it allowed the manipulation of foreign exchange (forex) rates to take place.
The oversight committee of the bank's court of directors appointed Grabiner to lead the investigation earlier today (12 March), after Travers' role supporting the investigation had already been announced.
The investigation will focus on matters relevant to the FCA's current investigation into trading on the foreign exchange market and will specifically look at whether any Bank official was either involved in or was aware of misconduct in the market.
Grabiner, one of the commercial Bar's top silks, was notably appointed by News Corporation to chair a high-level standards committee charged with leading the company's response to the wider hacking claims in 2011.
Other significant roles have included acting for HM Treasury in response to applications brought by shareholders of Northern Rock for judicial review, and a successful action on behalf of Liverpool Football Club on the proposed £300m sale of the club to Boston Red Sox owners New England Sport Ventures.
Travers has also been supporting the bank in its internal review which it launched back in October when the it first became aware of the allegations.
Last week minutes of a 2006 meeting at the bank were released which suggest that some officials were aware of market manipulation at that point.
The minutes show that a senior member of the bank's staff was told of "attempts to move the market" at a meeting with senior foreign exchange dealers from some of the world's largest banks.
In a statement the bank said: "No decision has been taken on disciplinary action against any member of bank staff. The bank continues to support the Financial Conduct Authority's investigation into the foreign exchange market."
Travers has regularly advised the bank on employment matters in the past, but in 2008 the firm strengthened its ties with the institution after agreeing to second corporate partner Anthony Foster. At the time the move was seen as a significant profile-boost for Travers, as the bank has historically held close ties with long-time adviser Freshfields Bruckhaus Deringer.
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