DNB and AFM investigate the risk of manipulation of the currency, derivative and commodities markets

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De Nederlandsche Bank (DNB) and the Netherlands Authority for the Financial Markets (AFM) have commenced an exploratory investigation into the possible manipulation of the currency, derivatives and commodities markets at banks in the Netherlands.

The lessons learned from the Libor and Euribor investigations and the media coverage concerning possible manipulation by foreign banks have taught supervisors to be alert to such signs. DNB and the AFM are determining to what extent banks have a sufficiently clear picture within their organisation of the risks involved in the formation of relevant benchmarks and whether they are taking sufficient measures.


The supervisors intend to realise two objectives by means of this investigation: increasing awareness among banks concerning this integrity risk and to obtain a clearer picture of the specific processes that are vulnerable to manipulation. The supervisors will share the findings of the investigation with the banks. Depending on the specific findings, there will be further in-depth follow-up investigations to reduce any vulnerabilities. DNB and the AFM will take enforcement action if necessary.


DNB and the AFM maintain close contact with foreign supervisors during this investigation and they work together with the partners of the Financial Expertise Centre (FEC).

The AFM is committed to promoting fair and transparent financial markets.

As an independent market conduct authority, we contribute to a sustainable financial system and prosperity in the Netherlands.

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