Citigroup puts senior FX dealer in London on leave -source

Reuters

LONDON, Oct 31 (Reuters) - Citigroup has put its headof European spot currency trading in London, Rohan Ramchandani,on leave, as a global investigation into possible manipulationof foreign exchange rates gathers steam, a source familiar withthe matter said on Thursday.

The move was mutually agreed on Wednesday and thedevelopment mirrors similar moves in London at JP Morgan and Standard Chartered.

Reuters reported this week that JP Morgan's chief dealerRichard Usher and Matt Gardiner, a senior trader at StandardChartered, had also been put on leave.

Ramchandani remains a full-time employee at Citi and has notbeen suspended, nor has he been accused of any wrongdoing, thesource said.

Ramchandani could not be reached for comment, and Citigroupdeclined to comment.

He is not listed on the UK Financial Conduct Authority'sregister, but not every financial market trader needs to beregistered.

Ramchandani is listed, however, as one of the 13-strongmembers of the Bank of England's Joint Standing Committee'schief dealers group as at the end of last year.

A spokeswoman at the Bank of England declined to comment onwhether he was still on that committee.

Britain's FCA has begun a formal investigation and the U.S.Justice Department this week confirmed that criminal andantitrust authorities were involved in an "active, ongoinginvestigation" into possible manipulation in the $5.3trillion-a-day-global FX market.

They are cooperating with other regulators around the world.

Citigroup is one of several banks co-operating withregulators in their investigations. Earlier this week DeutscheBank, UBS and Barclays confirmedthey were also cooperating.

Royal Bank of Scotland said on Wednesday it hadsought to reassure clients about the foreign exchange rates theywere being offered and rival Barclays said it wascooperating with regulators scrutinising the market.

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