{"id":15397,"date":"2014-03-06T03:37:18","date_gmt":"2014-03-06T02:37:18","guid":{"rendered":"http:\/\/www.w-t-w.org\/en\/?p=15397"},"modified":"2014-03-06T03:44:58","modified_gmt":"2014-03-06T02:44:58","slug":"15397","status":"publish","type":"post","link":"https:\/\/www.w-t-w.org\/en\/15397\/","title":{"rendered":"Bank of England Clamps Down on Forex Trader"},"content":{"rendered":"

The Bank of England (BoE) has suspended a worker after a review of its processes triggered by a probe into the suspected rigging of foreign exchange trading, it said Wednesday. \u00a0However, the British central bank stressed that to date it had found no evidence that staff colluded in the alleged manipulation of the forex market.<\/p>\n

“It is a matter of public record that the Bank of England has been conducting an internal review into allegations that BoE officials condoned or were informed of manipulation in the foreign exchange market or the sharing of confidential client information,” it said in a statement.<\/p>\n

“This extensive review of documents, emails and other records has to date found no evidence that BoE staff colluded in any way in manipulating the foreign exchange market or in sharing confidential client information.<\/p>\n

“However, the Bank requires its staff to follow rigorous internal control processes and has today suspended a member of staff, pending investigation by the bank into compliance with those processes,” the BoE added.<\/p>\n

The central bank did not name the suspended individual, adding that it “does not condone any form of market manipulation in any context whatsoever”.<\/p>\n

The BoE has meanwhile appointed law firm Travers Smith LLP to prepare a report on the matter. \u00a0Global regulators are investigating a number of firms linked to the suspected rigging of foreign exchange trading. \u00a0British banking giants Barclays, HSBC and Royal Bank of Scotland have all confirmed that they are part of the forex market investigations.<\/p>\n

Deutsche Bank, Swiss lender UBS and US pair Citi and JPMorgan Chase have also revealed that they are co-operating with regulators over the affair. \u00a0Some lenders have meanwhile suspended and fired traders while investigations continue.\u00a0The foreign exchange probe follows the Libor interbank interest rate-rigging scandal of 2012 that triggered heavy fines for some banks and a boardroom shake-up at Barclays.<\/p>\n

\"Forex<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The Bank of England (BoE) has suspended a worker after a review of its processes triggered by a probe into the suspected rigging of foreign exchange trading, it said Wednesday. \u00a0However, the British central bank stressed that to date it … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":22,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[22,13],"tags":[],"class_list":["post-15397","post","type-post","status-publish","format-standard","hentry","category-corruption","category-finance"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t