LONDON Feb 19 Royal Bank of Scotland
has suspended a senior currency trader in London, bringing to
three the number of traders suspended by the bank since a global
investigation into allegations of rigging reference exchange
rates was launched last year.
Ian Drysdale was put on leave earlier this week and has now
been suspended, a source familiar with the matter said.
This follows the suspension of Julian Munson and Paul Nash
in October last year.
RBS declined to comment, and Drysdale could not be reached
On Tuesday RBS said it was reviewing rules on currency
dealers trading with their own money.
The global probe into online communications between traders
and allegations of manipulating benchmark currency rates known
as "fixings" has seen more than 20 traders at many of the
world's biggest banks put on leave, suspended or fired.
The Bank of England, Britain's Financial Conduct Authority
(FCA) and the U.S. Federal Reserve and Department of Justice are
among those looking into the allegations of wrongdoing in the
$5.3 trillion-a-day global FX market, the world's biggest
The FCA's chief executive Martin Wheatley has said the
allegations are "every bit as bad" as those made in the interest
rate-rigging scandal centering on the London Interbank Offered
Rate, or Libor, which has already resulted in banks paying $6
billion in fines and settlements.
Benchmark currency fixings are a cornerstone of global
financial markets, used to price trillions of dollars worth of
investments and deals and relied upon by companies, investors
and central banks.