RBS currency trader's communications 'may have been inappropriate'

RBS building

Royal Bank of Scotland has passed records of instant messages to U.K. regulators after concluding a former currency trader’s communications with counterparts at other firms may have been inappropriate, according to two people with knowledge of the matter.

Bloomberg reports that the messages related to the dealer’s trading positions, said the people, who asked not to be identified because they weren’t authorized to speak publicly.

The trader had left the bank before the investigation, and his departure was unrelated to the probe, the people said. Stewart Todd, a spokesman for the U.K.’s Financial Conduct Authority, declined to comment on the communications.

RBS uncovered the chats after opening an internal probe following a Bloomberg News report in June that traders at some of the world’s biggest banks may have sought to manipulate benchmark rates in the $5.3tril-a-day foreign-exchange market. The FCA said in June it was reviewing the allegations.

European Union antitrust regulators said on 7th October they were examining the possible manipulation of currency rates by the financial industry, while Switzerland’s Financial Market Supervisory Authority, Finma, and the country’s competition commission said last week they were probing similar potential wrongdoing.

The U.S. Commodity Futures Trading Commission has also been reviewing potential violations of the law with regards to currency markets, said a separate person with knowledge of the matter.

To access the complete Bloomberg article hit the link below

RBS Said to Pass Currency Trader Chats to FCA Amid Probe

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