EU, U.S. Investigating Online Currency Trading

Antitrust chiefs of the European Union and United States said Wednesday that they are probing whether some global banks sought to illegally dominate online currency trading.

Officials are looking into charges of anti-competitive practices by the banks and their Internet trading consortium, called FXall, including discouraging member banks from taking part in rival online ventures.

Charles James, U.S. Justice Department antitrust chief, declined to give more details.

FXall is owned by 17 banks, including Citigroup Inc. and J.P. Morgan Chase & Co. An FXall spokesman said the alliance is “in compliance with all applicable laws.”