FX benchmarks manipulated 10-30% of times, MPs told

Treasury Select Committee hearing on benchmarks also told banks view fines as cost of business

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Benchmarks for both foreign exchange and gold markets show signs of attempted manipulation about 10–30% of the time, based on publicly available data, said Alberto Thomas, a partner at capital markets consultancy Fideres Partners, addressing the UK's Treasury Select Committee.

Fideres' estimates are consistent with earlier figures cited in the ongoing US class action lawsuit against banks, alleging dealers attempted to rig prices at least 25% of the time over a period of more than 10 years.

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