Bank of England employee suspended over FX probe

Bank Of England Building

The U.K.'s central bank has suspended an employee as part of its investigation into alleged manipulation of the currency markets.

The Bank of England said in a statement that there had been no evidence so far that its staff had colluded in manipulation of the foreign exchange markets - but added it has suspended a member of staff as part of its "rigorous internal control processes."

The news is a further blow for the Bank after public criticism of its role in the Libor-rigging scandal.

It comes after reports that traders, who have been since arrested amid allegations of rigging the currency markets by sharing information, were told in a meeting with Bank of England officials that sharing customer orders was allowed.

The Bank has refused to comment on the allegations. Official minutes of the meeting state: "There was a brief discussion on extra levels of compliance that many bank trading desks were subject to when managing client risks around the main set-piece benchmark fixings."

image: © Ofer Deshe

JefferiesAnd the Best Place to Work in the global financial markets 2016 is...

Register for Financial Markets News Alerts