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Barclays suspends six currency traders amid market-rigging probe


 

LONDON – The BBC, the Financial Times and other outlets say Barclays bank has suspended six traders amid an investigation into whether international currency markets were rigged.

Barclays, Britain’s second-largest bank, revealed on Wednesday that it was the subject of an investigation by regulators in Britain and elsewhere over “possible attempts to manipulate certain benchmark currency exchange rates.”

The bank said it was co-operating with the investigation.

Barclays spokeswoman Aurelie Leonard declined to comment Saturday on reports that the bank had suspended traders.

Other banks including JPMorgan Chase, Citigroup and Switzerland’s UBS have also said they are being investigated over currency trading.

The investigation is the latest bad news for Barclays, which overhauled its top management after being fined $453 million for manipulating a key global interest rate and other wrongdoing.


 
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Barclays suspends six currency traders amid market-rigging probe

  1. Despite some recent positive news on the unemployment and deficit fronts
    this year, we at Blackhawk think that the U.S. economy still depends
    heavily on ultra-low rates – the same low rates that have led to a
    depreciation of the dollar since 2002. So unless there are policy
    changes, we see the U.S. dollar declining further over the next three to
    five years.

    Ziad K Abdelnour

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