RBC in latest rogue trade scandal
The trade, which took place in November, is thought to have involved a stop loss that traders at RBC sought to trigger by driving the kiwi lower. The strategy ran into a problem because a second bank involved in kiwi trade placed a bid and a number of other traders could see an inverted price that made them suspicious. This led the Canadian bank to cancel its credit line on Reuters Dealing, preventing anyone else having access to the artificially distorted rate.
A global head of foreign exchange
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