Monthly Archives: December 2014

Top Headlines

BP Probes In-House Foreign Exchange Traders – Financial Times (subscription)
BP is investigating whether in-house financial traders at the oil and gas group were involved in a foreign exchange manipulation scandal that has led regulators to levy $4.3 billion in fines on six banks.

• BP Dragged Back into FX Probe – Profit & Loss (subscription)
• BP Examined its Own Foreign Exchange Trading – Wall Street Journal (subscription)
• BP Says Reviewed Forex Desk in Light of Regulatory Probe – Reuters
• BP Investigated Forex Traders Amid ‘Cartel’ Fixing Claims – the Telegraph
• FX Investigation Not Limited to Banks, as BP Looks at its Forex Traders – LeapRate

Read More

Top Headlines

The Cartel: How BP Used a Secret Chat Room for Insider Tips – Bloomberg
Traders at BP regularly received valuable information from counterparts at some of the world’s biggest banks – including tips about forthcoming trades, details of confidential client business and discussions of stop-losses, the trigger points for a flurry of buying or selling – according to four traders with direct knowledge of the practice.
Read More

Top Headlines

Bonuses of 18 RBS Employees on Hold Due to FX Review – Profit & Loss (subscription)
The Royal Bank of Scotland (RBS) has suspended the bonuses of 18 individuals pending the outcome of its review into the failings of its foreign exchange business, as per the UK regulatory watchdog’s instruction.

• The RBS FX Fines are Being Partly Paid From Withheld Bonuses – Forbes
• Eighteen RBS FX Traders Wave Goodbye to Annual Bonus – LeapRate

Read More

Top Headlines

UK Regulator to Police Seven More Benchmarks – Financial Times (subscription)
The Financial Conduct Authority is to formally regulate a set of currency, fixed income and commodity benchmarks in the wake of the scandal over attempted manipulation of key rates for bank lending and foreign exchange.

Read More