HSBC, Citi suspend forex traders

BRITISH bank HSBC suspended two foreign exchange traders and US bank Citigroup put two on leave amid probes into market manipulation.

Two traders (not pictured above) have been suspended from HSBC amid a probe into market manipulation. Picture: AFP.

BRITISH bank HSBC suspended two foreign exchange traders and US bank Citigroup put two on leave, they said Friday, amid international probes into possible market manipulation.

"HSBC can confirm the suspension of two FX traders in London," a spokeswoman told AFP, without giving further details.

A London-based Citi spokesman confirmed that Citi placed two FX spot traders on leave.

Authorities in the United States, Britain, Switzerland, Hong Kong and Singapore have opened probes into foreign-exchange market manipulation.

Britain's regulator, the Financial Conduct Authority, said in October that alongside several other agencies it was investigating a number of firms relating to trading on the foreign exchange market.

The banking sector has already been shaken by a rigging scandal related to the Libor, a rate for lending between banks that also determines numerous financial and interest rate contracts around the world.

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