ECB said to drop Citigroup from FX group

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The European Central Bank has dropped Citigroup from its experts' working group on foreign exchange, days after the U.S. bank was fined by U.S. and UK regulators for failing to stop traders from trying to manipulate the currency market.

Reuters reports that a source familiar with the matter said the ECB's decision seemed to be related to the fine.

The ECB declined to comment on this aspect, saying only that the change in the list of members was part of an ongoing annual review of the foreign exchange contact group.

Citi was one of six banks fined a total of $4.3bn last week for failing to have adequate systems in controls in place to prevent traders from attempting to rig benchmark currency rates.

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ECB drops Citi from FX contact group

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