UK body to probe forex market

London - The UK Competition and Markets Authority (CMA) has become the latest regulator to investigate the global foreign exchange market following allegations of rigging, the Wall Street Journal reported on Tuesday, citing two people familiar with the matter.

The antitrust watchdog recently shared information relating to its investigation with Britain's Financial Conduct Authority (FCA), which is at the forefront of probes into the global currency market, the Journal reported, citing sources.

"The CMA does not comment on whether or not it is conducting cartel investigations," a CMA spokesperson wrote in an email, while a spokesperson for the FCA declined to comment on the report.

The $5.3trn-a-day foreign exchange market is the world's largest and least regulated financial market and is being investigated for collusion.

Regulators in the United States, Asia and Europe are looking into possible manipulation of foreign exchange benchmarks, used to price trillions of dollars worth of investments and deals and relied upon by companies, investors and central banks.