Post by ukipa on Nov 5, 2013 2:19:05 GMT 4
Barclays suspends currency traders
November 1, 2013 - www.bbc.co.uk
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.
'Multiple market participants'
At the same time as it announced results on Wednesday, Barclays had said: "Various regulatory and enforcement authorities have indicated they are investigating foreign-exchange trading, including possible attempts to manipulate certain benchmark currency exchange rates or engage in other activities that would benefit their trading positions.
"The investigations appear to involve multiple market participants in various countries.
"Barclays Bank has received inquiries from certain of these authorities related to their particular investigations, is reviewing its foreign-exchange trading covering a several-year period through August 2013 and is co-operating with the relevant authorities in their investigations."
Barclays said that it did not yet know what the legal and financial impact from the inquiry would be.
Last year, Barclays, along with other international banks, was fined for manipulation of the inter-bank lending rate Libor.
In the case of Libor, there is also now a criminal investigation by the Serious Fraud Office.
Banks in the UK are also still setting aside billions to pay compensation for mis-sold payment protection insurance (PPI).
November 1, 2013 - www.bbc.co.uk
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.
'Multiple market participants'
At the same time as it announced results on Wednesday, Barclays had said: "Various regulatory and enforcement authorities have indicated they are investigating foreign-exchange trading, including possible attempts to manipulate certain benchmark currency exchange rates or engage in other activities that would benefit their trading positions.
"The investigations appear to involve multiple market participants in various countries.
"Barclays Bank has received inquiries from certain of these authorities related to their particular investigations, is reviewing its foreign-exchange trading covering a several-year period through August 2013 and is co-operating with the relevant authorities in their investigations."
Barclays said that it did not yet know what the legal and financial impact from the inquiry would be.
Last year, Barclays, along with other international banks, was fined for manipulation of the inter-bank lending rate Libor.
In the case of Libor, there is also now a criminal investigation by the Serious Fraud Office.
Banks in the UK are also still setting aside billions to pay compensation for mis-sold payment protection insurance (PPI).