FX Fixing Scandal Continues its Misery - Rabobank Puts 2 More Traders on Leave

Dutch financial institute, Rabobank continues its investigations into the unfortunate 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 rates scandal, as two more traders are believed to be placed on leave, as reported by the media. The move signifies the seriousness of the scandal which has seen several senior traders displaced from their positions.

The role of current and former employees in the FX fixing scandal is causing detrimental issues for the leading Dutch-origin banking firm, Rabobank, the firm is reported to have asked two senior members of its currency trading team to be placed on paid-leave, pending an internal investigation, the two are named as; Gary Andrews and Chris Twort.

Mr Andrews has been with the bank for over ten years and Mr Twort has been a team member for four years, according to both individual’s Linkedin profiles. The news of the two traders comes as two former-Rabobank employees were charged by the US department of justice for their involvement in the Libor Libor Libor stands for London Inter-bank offered rate. It is an industry-specific term which most of us would never have heard of until the "Libor scandal" became popularized in 2012. Libor is considered to be one of the most important interest rates in finance, upon which trillions of financial contracts rest. The Libor rate effects over $800,000,000,000,000 in financial deals. Banks simply cannot lend money to one another whenever they like as there is a system in place. Every day a group of leading Libor stands for London Inter-bank offered rate. It is an industry-specific term which most of us would never have heard of until the "Libor scandal" became popularized in 2012. Libor is considered to be one of the most important interest rates in finance, upon which trillions of financial contracts rest. The Libor rate effects over $800,000,000,000,000 in financial deals. Banks simply cannot lend money to one another whenever they like as there is a system in place. Every day a group of leading Read this Term rigging case. Mr Andrews has updated his Linkedin profile confirming his departure, it states that he is 'looking for new opportunities'.

The world’s largest banks have been plagued by internal and external investigations into the role of certain traders that were part of a mafia-style organisation that were manipulating currency rates for over a decade. The FX rates issue follows on from a similar scandal that has affected Libor rates, firms and individuals involved in the issue have been facing criminal investigations.