ffsear
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I wonder if there anything in this? time will tell i'm sure!
http://news.sky.com/story/1162640/currency-probe-barclays-traders-suspended
Financial Times report suggested Barclays had suspended as many as six foreign exchange staff - some of them London-based.
The paper added that on Thursday RBS suspended two of its traders as part of the probe.
Both banks declined to comment publicly on the suspensions but have confirmed they have been drawn into the investigation surrounding alleged manipulation.
RBS said in its third quarter results today it had been contacted by the UK's Financial Conduct Authority (FCA) and other authorities.
The Barclays building in London's financial district.
Barclays has reportedly suspended up to six individuals
It added: "The group is reviewing communications and procedures relating to certain currency exchange benchmark rates as well as foreign exchange trading activity and is cooperating with these investigations.
"At this stage, the group cannot estimate reliably what effect, if any, the outcome of the investigation may have on the group."
Ross McEwan, RBS chief executive, refused to comment on the case but said it would "come down very severely on anyone we discover has been breaking the rules."
Fellow banking giant Barclays said alongside its trading update on Thursday it was also co-operating with inquiries from various authorities and was reviewing its foreign exchange trading activities over a period of several years to August this year.
Citigroup told Sky News that a member of staff based in London had left the company under a mutual agreement.
Deutsche Bank, JPMorgan and UBS have also been contacted as part of the probe involving regulators in Britain, Switzerland, the US and Hong Kong.
The FCA revealed last month it had launched its own investigation into the foreign exchange market, which is worth £3trn a day globally - with more than 40% of the market based in London.
Regulators are looking into whether currency traders shared information about their positions and knowledge of client orders through instant messages to rig the foreign exchange market in their favour.
Currency exchange rates are set on a daily basis by analysing actual trading volumes at leading banks during a short time window.
It is thought that traders could potentially influence exchange rates by pushing through large orders during the 60-second window to make a profit.
The investigation threatens to engulf the industry in yet another embarrassing scandal at a time when many financial firms are still battling to restore their reputations following the Libor rigging revelations.
Barclays and RBS were both fined for their part in the Libor scandal, paying penalties of £290m and £391m respectively.
http://news.sky.com/story/1162640/currency-probe-barclays-traders-suspended
Financial Times report suggested Barclays had suspended as many as six foreign exchange staff - some of them London-based.
The paper added that on Thursday RBS suspended two of its traders as part of the probe.
Both banks declined to comment publicly on the suspensions but have confirmed they have been drawn into the investigation surrounding alleged manipulation.
RBS said in its third quarter results today it had been contacted by the UK's Financial Conduct Authority (FCA) and other authorities.
The Barclays building in London's financial district.
Barclays has reportedly suspended up to six individuals
It added: "The group is reviewing communications and procedures relating to certain currency exchange benchmark rates as well as foreign exchange trading activity and is cooperating with these investigations.
"At this stage, the group cannot estimate reliably what effect, if any, the outcome of the investigation may have on the group."
Ross McEwan, RBS chief executive, refused to comment on the case but said it would "come down very severely on anyone we discover has been breaking the rules."
Fellow banking giant Barclays said alongside its trading update on Thursday it was also co-operating with inquiries from various authorities and was reviewing its foreign exchange trading activities over a period of several years to August this year.
Citigroup told Sky News that a member of staff based in London had left the company under a mutual agreement.
Deutsche Bank, JPMorgan and UBS have also been contacted as part of the probe involving regulators in Britain, Switzerland, the US and Hong Kong.
The FCA revealed last month it had launched its own investigation into the foreign exchange market, which is worth £3trn a day globally - with more than 40% of the market based in London.
Regulators are looking into whether currency traders shared information about their positions and knowledge of client orders through instant messages to rig the foreign exchange market in their favour.
Currency exchange rates are set on a daily basis by analysing actual trading volumes at leading banks during a short time window.
It is thought that traders could potentially influence exchange rates by pushing through large orders during the 60-second window to make a profit.
The investigation threatens to engulf the industry in yet another embarrassing scandal at a time when many financial firms are still battling to restore their reputations following the Libor rigging revelations.
Barclays and RBS were both fined for their part in the Libor scandal, paying penalties of £290m and £391m respectively.
