Deutsche Bank has fired three currency traders in New York as regulators worldwide ramp up their investigations into potential manipulation of the $5-tril-a-day foreign exchange market, according to a person briefed on the matter.
The New York Times reports that the three employees include the head of Deutsche Bank’s emerging markets foreign exchange trading desk in New York and two traders, said the person, who was not authorized to discuss the matter publicly.
Deutsche Bank, the largest trader of currencies, with about 15.2% of the market, placed several traders in New York on leave in January.
Deutsche Bank has said it is cooperating with the investigations and would 'take disciplinary action with regards to individuals if merited.'
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