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Screenshot of a breaking news alert e-mail from Q2 2017
Patience, in most cases, is a virtue.
For two senior Rabobank FX traders, however, there is a limit to this virtue, as Gary Andrews and Chris Twort have now left the company following their suspension which came into effect as a result of the allegations which surround many global banks surrounding manipulation of FX benchmarks.
Mr. Andrews, who joined Rabobank some ten years ago, and Mr. Twort, who has served at the firm since 2010, were both placed on leave as a result of an internal investigation into their professional conduct are now faced with the challenge of seeking the next step in their careers elsewhere.
It is clear that Mr. Andrews had intended to leave the firm once his compulsory leave became effective, as he has, according to a report by Bloomberg, amended his LinkedIn profile to state that he is “Looking for new opportunities in FX.”
Holland’s Rabobank has been prominent among many large global banks in having the metaphorical finger pointed at it by regulatory authorities recently, resulting in large fiscal penalties for manipulating interest rates which cost the company $989 million last year, just at the beginning of a period at which international law enforcement and financial regulatory authorities were beginning to open a full scale probe into FX benchmark malpractice.
With a number of senior traders having been made casualties of the current probe by their employers, rich pickings are abound for FX firms and trading desks within banks in terms of recruiting new talent at what could well be a timely juncture as volumes have performed a complete u-turn from the doldrums to, in some cases, record highs.