RBS Traders Suspended in Forex Probe
October 31st, 2013Via: BBC:
Royal Bank of Scotland (RBS) has suspended two traders in connection to a growing investigation into the possible manipulation of foreign exchange rates.
The news follows reports that London-based executives at three other major banks have been placed on leave.
Regulators in the UK, US and Switzerland are looking into whether banks colluded to set exchange rates.
The global foreign exchange market is worth more than £3tn a day.
London is the most important centre for the market, accounting for about 40% of all foreign exchange trading.
The reports are that executives at Citigroup, JP Morgan and Standard Chartered have agreed to be placed on leave, but none has been accused of any wrongdoing.
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