RBC’s Co-Head of Spot Currency Trading Graeme King Leaves

Graeme King, co-head of spot foreign-exchange trading at Royal Bank of Canada in London, left the firm as the industry is thrown into turmoil by investigations into possible rate-rigging.

King didn’t immediately respond to requests for comment by e-mail and to his office phone. Reuters reported his departure earlier today.

“Any suggestion that this is related to the broader FX regulatory investigations is incorrect,” Royal Bank of Canada, the country’s second largest by assets, said in a statement.

His exit comes two days after the news that Goldman Sachs Group Inc. lost Steven Cho and Leland Lim, partners in its currency-trading business, according to a person briefed on the matter. The same day, Citigroup Inc. said Anil Prasad, its foreign-exchange head, will depart in March. He will “pursue other interests,” according to an internal memo.

Regulators around the world are investigating whether traders at the world’s largest banks colluded through instant-message groups to manipulate benchmarks. More than 20 currency dealers in Europe and the Americas have been fired, suspended or put on leave since Bloomberg News reported in June that traders at the world’s largest banks colluded to manipulate the WM/Reuters rates.

Before it's here, it's on the Bloomberg Terminal.
LEARN MORE