HSBC suspends two foreign exchange traders

The Gherkin and Canary Wharf The investigation has been running since the latter part of last year

HSBC has suspended two London-based foreign exchange traders as an investigation into the possible rigging of global currency dealing deepens.

The bank said late last year that it was one of a number of leading finance houses being scrutinised by international regulators.

Others being investigated include Citigroup, JP Morgan, Barclays, UBS and Deutsche Bank.

Citigroup was also said on Friday to have suspended currency traders.

US regulators came to the UK this week.

They are working with UK regulators to ascertain whether traders worked together to rig global currency values.

The market is worth more than $5 trn (£3 trn) dollars a day.

Manipulation

Barclays and RBS are among the major banks that have already suspended traders.

The probe centres on senior traders' communication of client trades through electronic chatrooms.

These were also a central feature of an investigation into the manipulation of the interest rates, such as Libor, used as benchmarks for lending rates across the board.

Many of the world's leading banks have been fined for rigging rates.

The UK's Financial Conduct Authority began a formal investigation into the currency market in October.

More on This Story

The BBC is not responsible for the content of external Internet sites

More Business stories

RSS

Features

From BBC Capital

Programmes

  • Narrow boats on Regent's Canal, LondonThe Travel Show Watch

    Explore London’s industrial past on a narrowboat trip along the atmospheric Regent’s Canal

BBC © 2014 The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.