Federal Reserve Board Bans Former UBS Trader for Currency Rigging
Posted: Tue Jul 19, 2016 10:21 am
The U.S. Federal Reserve Board has announced that it is has banned a former UBS Group trader from participating in the banking industry for his manipulation of foreign exchange benchmarks.
Currency rigging
Matthew Gardiner used electronic chat rooms to coordinate forex trading, facilitate manipulation of FX pricing benchmarks, disclose confidential customer information to traders at other organisations and engage in other unsafe and unsound practices, according to the Fed’s statement, and was alleged to have participated in the now infamous “instant-messaging group”.
The Fed’s enforcement action against Gardiner follows the Board’s May 2015 enforcement actions against both Barclays and UBS for unsafe and unsound ... (read more)