Barclays and RBS Suspend Currency Traders As Part of Manipulation Probe

UK bank Barclays has suspended several traders as part of a probe into suggestions that currency markets could have been rigged, the BBC has learnt.

The BBC’s chief economics correspondent, Hugh Pym, said there was no suggestion of wrongdoing and that Barclays had declined to comment.

On Thursday, Royal Bank of Scotland suspended two traders in connection with the investigation.

The Financial Conduct Authority (FCA) probe is said to be at an early stage.

Regulators around the world, including the UK’s FCA, are investigating the currencies market and Barclays, RBS, Citigroup, Deutsche Bank and UBS have all confirmed that regulators have been in contact with them over the currency probe. On Friday, JP Morgan Chase added that it was also being questioned.

The global foreign exchange market is worth more than $3 trillion a day, and London is the most important hub, accounting for about 40% of all foreign-exchange trading.

via BBC

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