FX Markets

RBC scandal begins, NAB rogues charged

RBC’s suspended traders were believed to be involved with driving the New Zealand dollar lower in order to activate a stop loss. However, traders at another bank grew suspicious after seeing the kiwi’s inverted price. As a response, RBC’s credit line with Reuters Dealing was closed in order to block market access to the falsely deflated rate.

The UK’s Financial Services Authority is understood to have scrutinised the trade and the chief dealer, spot dealer and sales team member involved.

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