Newspaper article International New York Times

R.B.S. Cuts Its Range of Currency Benchmarks

Newspaper article International New York Times

R.B.S. Cuts Its Range of Currency Benchmarks

Article excerpt

The bank made the change amid investigations into whether traders at some of the largest banks colluded to manipulate the $5-trillion- a-day currency markets.

The Royal Bank of Scotland said on Tuesday that it would reduce the range of foreign exchange benchmarks it offers to clients who trade currency markets.

In a memo sent to clients and reviewed by DealBook on Tuesday, the bank said it would only offer a limited array of "fixes," the benchmark rates that reflect what a currency is trading at a certain time of day, beginning on Feb. 8.

The change comes as R.B.S. and many of the world's largest banks are facing a series of investigations by regulators into whether traders attempted to manipulate currency benchmarks in the $5- trillion-a-day foreign exchange market.

More than a dozen traders at some of the largest banks, including traders at R.B.S., Deutsche Bank and HSBC, have been placed on leave amid questions about whether they colluded to manipulate benchmark currency rates. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.