Scandals cause world's biggest banks to change FX trading


The world’s biggest banks are overhauling how they trade currencies to regain the trust of customers and preempt regulators’ efforts to force changes on an industry tarnished by allegations of manipulation.

Bloomberg News reports that Barclays, Deutsche Bank, Goldman Sachs, Royal Bank of Scotland Group and UBS, which together account for 43% of foreign-exchange trading by banks, are introducing measures to make it harder for dealers to profit from confidential customer information and take advantage of clients in the largely unregulated $5.3 trillion-a-day currency market, according to people with knowledge of the changes.

Banks have capped what employees can charge for exchanging currencies, limited dealers’ access to information about customer orders, banned the use of online chat rooms and pushed trades onto electronic platforms, according to the people, who asked not to be identified because they weren’t authorized to discuss their firms’ practices.

Hit the link below to access the complete Bloomberg News article:

Biggest Banks Said to Overhaul FX Trading After Scandals

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