Commerzbank Confirms to Forex Magnates, Two Polish Zloty Traders Suspended

After multiple media outlets reported this morning that Commerzbank AG has suspended two FX traders of the Polish zloty, Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term Magnates' reporters reached out for a comment from the Frankfurt headquartered lender.

A Commerzbank Corporates & Markets' spokesperson has confirmed to Forex Magnates : “The suspension of two individuals in its foreign Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term division comes after discovering a breach of internal rules. Commerzbank has zero tolerance for non-compliance with rules and regulations, and has taken immediate action upon the discovery of inappropriate conduct. We believe this incident was an isolated event and one from which the Bank and the individuals concerned in no way profited.”

The move comes only a day after the German financial regulatory authority BaFin announced that it has uncovered solid evidence of FX markets' manipulation, adding that the major rates have remained unaffected. The regulator's Chief Executive Director of Banking Supervision, Raimund Röseler, stated in a press conference that the evidence was related to smaller currencies which are not widely traded in the FX market.