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As more and more truths are coming to light in the recent foreign exchange manipulation scandal, more employees and traders are being exposed. Forex news has reported that two more traders have been suspended. It has been reported that these two are senior city traders who hold high ranking positions. Robert de Groot is the global head of spot trading at BNP Paribas while Joe Landes is the head of spot trading for Europe, Middle East and Africa in Bank of America Merrill Lynch.
Forex news has been buzzing about the developments in this case. These developments have come one day after the Bank of England announced that they have placed on leave one of its staff members. The Bank of England mentioned that this was because of its internal control process breaches. They also showed the minutes that say Mr. de Groot attended a lot of meetings that were between bank staff and leading foreign exchange dealers within 2005 and 2013.
In one of the minutes in their meetings, which was held in May 2008, it shows that Mr. de Groot headed that meeting while he was still in Citibank. It was seen in the minutes that there were a lot of discussions that were leading to issues around market fixings. These issues were linked to a forex benchmark.
Joe Landes moved to New York from London in 2011. This relocation was for Mr. Landes to become the head of BoAML’s EMEA spot desk. However, Mr. Landes has been put on leave as the bank is still investigating the allegations on currency manipulation. Although these two men have been put on suspension, no charges have been filed against them yet. This forex news has been one of the biggest scandals in the forex industry.
Two City Traders Suspended in Manipulation Scandal 