Ethical Performance
inside intelligence for responsible business


Bank error over market fixing

March 2014

Foreign exchange dealers have been suspended by the UK bank HSBC and the US Citigroup in the global probe into alleged currency market fixing.

HSBC confirmed it had suspended two London traders but refused further details. Citigroup was said to have sent one London trader and another in New York “on leave”. US and British regulators are co-operating in an investigation to determine whether some of the world’s biggest banks have colluded in manipulating the global foreign exchange market, which is worth $5.3tn (£3.23tn, €3.88tn) daily.

The allegations are that traders communicated client positions via electronic chat rooms, using methods similar to those uncovered in the Libor rate-rigging case. Other banks known to be under investigation are Barclays, Deutsche Bank, JPMorgan Chase and UBS.

Global | Corruption

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