The Serious Fraud Office has announced that it has closed its investigation into allegations of fraudulent conduct in the FX market due to insufficient evidence for a realistic prospect of conviction. The SFO’s press release states that, while there were reasonable grounds to suspect the commission of offences involving serious or complex fraud, a detailed review of the available evidence led the SFO to conclude that the alleged conduct, even if proven and taken at its highest, would not meet the evidential test required to mount a prosecution for an offence contrary to English law. The SFO commenced its investigation in July 2014, following referral of the matter by the FCA.