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Deutsche suspends trader suspected of forex rigging: paper
January 15, 2014 / 3:03 AM / in 4 years

Deutsche suspends trader suspected of forex rigging: paper

FRANKFURT (Reuters) - Deutsche Bank (DBKGn.DE) has suspended at least one currency trader on suspicion of manipulating benchmark forex rates, a German paper reported.

The headquarters of Deutsche Bank are pictured in Frankfurt October 29, 2013. REUTERS/Ralph Orlowski

German daily Die Welt, citing people familiar with the investigations, said the trader worked in New York and traded Argentine pesos.

According to sources at the bank, emails were found that led to suspicion that rates had possibly been manipulated, the paper said in a story published in its Wednesday edition. There are indications there may be further cases of possible manipulation, Die Welt added.

Deutsche Bank said it would not comment on individuals. In a statement, it said it was cooperating with investigations and would take disciplinary measures with regard to individuals if merited.

Last year, Britain’s Financial Conduct Authority began a formal investigation into possible manipulation in the $5.3 trillion-a-day global FX market. The U.S. Justice Department is also engaged in an active investigation of possible manipulation of the market, the world’s largest.

Benchmark foreign exchange rates, often referred to as fixes, 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.

Deutsche Bank, Citigroup (C.N), UBS UBSN.VX, Barclays (BARC.L) and Royal Bank of Scotland (RBS.L) have all said they were cooperating with regulators scrutinizing the market. Citigroup, RBS, JP Morgan (JPM.N) and Standard Chartered (STAN.L) have put currency traders on leave.

Reporting by Victoria Bryan, Thomas Atkins and Paritosh Bansal

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