The investigation into FX rate manipulation has clearly not ended with the regulatory conclusion in November last year that six banks should pay $4.3 billion in fines.
Today, it has been reported that two more foreign exchange traders in London have been suspended by Royal Bank of Scotland Group plc (LON:RBS) on suspicion of market manipulation as part of an investigation into currency rigging by American regulators.
The Financial Conduct Authority (FCA) is also escalating its supervision of forex traders in the City after the discovery of further misconduct by the US Department of Justice. The latest cases relate to the alleged rigging of emerging market currencies, which did not form part of the FCA’s initial investigation.
This report comes just a matter of days after RBS issued its annual report which contained a statement that the bank had allocated $550 million for the potential settlement of further fines in relation to benchmark manipulation, with the bank having conceded that global regulatory investigations were ongoing.