HSBC and Citi said to suspend Forex traders

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HSBC and Citigroup both suspended foreign exchange traders on Friday as a global probe into possible currency market manipulation intensified.

Reuters reports that regulators from the United States arrived in London last week, stepping up an investigation in which they are working with Britain's financial watchdog to determine whether traders at some of the world's biggest banks colluded to manipulate the $5.3tril-a-day foreign exchange market.

The investigations centre on senior traders' communication of client positions via electronic chatrooms, which featured prominently also in a probe into the rigging of a key interest rate known as the London interbank offered rate, or Libor.

As the currency investigation ramps up, the banks themselves are scrutinising their employees more closely and most are now carrying out internal investigations.

Sources told Reuters that Deutsche Bank suspended several traders in New York this week, while U.S. regulators descended on Citigroup's London offices.

To access the complete Reuters article hit the link below:

HSBC, Citi suspend traders as FX probe deepens

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