(Adds quote from Fed)
WASHINGTON, Nov 12 (Reuters) - The U.S. Federal Reserve isinvestigating possible improper conduct in foreign exchangemarkets by large banking institutions, a spokesman said onWednesday.
"The Federal Reserve is continuing to investigate in theforeign exchange markets in coordination with other authorities,including the Department of Justice," the spokesman said in astatement.
The Fed also is working closely with authorities overseas,according to the statement.
The announcement was made as global regulators fined fivemajor banks, including UBS, HSBC andCitigroup, $3.4 billion for failing to stop their tradersfrom trying to manipulate the foreign exchange market. (Writing by Doina Chiacu; Editing by Bill Trott)
HSBC Holdings (HSBA)