As fines have been levied, now more probes and disciplinary actions for individual traders who were alleged to be part of FX manipulation scandals are getting under way, some of the latest include one trader from UBS Switzerland and well as BNY Mellon in London.
Bloomberg is reporting that co-chief currency dealer Niall O’Riordan is one of 11 individuals the Swiss finance regulator has told are under investigation as part of its currency-rigging case, people with knowledge of the matter said.
The Financial Market Supervisory Authority wrote to O’Riordan, Chris Vogelgesang, the bank’s former global co-head of foreign exchange and precious metals, and precious-metals trader Andre Flotron notifying them of possible enforcement action, said two people, who asked not to be identified because the letters are private. The investigation is ongoing and no findings of fault have been made against any of the individuals.
The report started that Bern, Switzerland based FINMA and UBS have both declined comment at the moment.
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The second new individual FX bank trader to be punished came Wednesday from BNY Mellon in London. The Wall Street Journal broke the news that Bank of New York Mellon Corp. has fired a London-based currency trader after the bank found that his electronic communications breached its compliance rules, according to a person familiar with the matter. The dismissal is the first of its kind from this bank.
Many times the case in these matters thus far, the bank was not commenting to reporters and the trader was not yet named. Being a small player in the interbank FX markets, BNY Mellon was not one of the banks fined neither was the bank under any official investigation in the U.K.