Regulators urged to extend benchmark probe to the buy side

The investigation into alleged manipulation of foreign exchange benchmarks should include large buy-side institutions and key salespeople rather than just focusing on bank traders, according to market participants with knowledge of the investigations.

While the ongoing probe is so far understood to have focused mainly on the activities of traders in online chat rooms, some say customers gave misleading orders to bank salespeople, sometimes as much as 24 hours before the fix, in a bid to benefit