Royal Bank of Scotland Group plc (NYSE:RBS) (LON:RBS) (AMS:RBS) has reportedly passed its currency trader’s instant messages to UK’s Financial Conduct Authority.

RBS Reportedly Passed Currency Trader’s Instant Messages To FCA

The instant messages pertain to RBS’ former currency trader’s trading positions. Gavin Finch & Liam Vaughan of Bloomberg reports, citing known sources.

Traders at RBS reportedly rigged forex rates

Earlier, it was reported dealers colluded with counterparts to boost chances of moving forex rates. Britain’s market supervisor, The Financial Conduct Authority, has been working to review the integrity of benchmarks, including those used in valuing derivatives and commodities.

Three lenders were fined about $2.5 billion for rigging the London interbank offered rate or Libor. The regulators have found that in an attempt to rig Libor, traders at Royal Bank of Scotland Group plc (NYSE:RBS) (LON:RBS) (AMS:RBS), Barclays PLC (NYSE:BCS) (LON:BARC) and UBS AG (NYSE:UBS) misstated their firms’ cost of borrowing and colluded with counterparts at other banks to profit from bets on derivatives.

The currency market with $4.7-trillion-a-day is the biggest in the financial system, though it is one of the least regulated.

It was also reported that the Financial Conduct Authority is considering opening a probe into the potential manipulation of the forex rates. The FCA is already working to review the integrity of benchmarks, including those used in valuing derivatives and commodities.

Host Of regulators investigate

Apart from investigations from the UK’s FCA, European Union’s antitrust regulators too are examining the possible manipulation of currency rates by the financial industry.  Switzerland’s Financial Market Supervisory Authority, Finma and the country’s competition commission also said last week that they were probing similar potential wrongdoing. Besides, the U.S. Commodity Futures Trading Commission has also been reviewing potential violations of the law with regards to currency markets, reports Gavin Finch & Liam Vaughan of Bloomberg, citing known sources.

Switzerland’s Financial Market Supervisory Authority, Finma, said last week it was coordinating closely with authorities in other countries as multiple banks around the world are potentially implicated.

The FCA also reportedly sent requests for information to four banks, including Deutsche Bank AG (NYSE:DB) (ETR:DBK) and Citigroup Inc (NYSE:C).

Further, Royal Bank of Scotland Group plc (NYSE:RBS) (LON:RBS) (AMS:RBS), Deutsche Bank AG (NYSE:DB) (ETR:DBK) and Citigroup are also reportedly reviewing emails, instant messages and phone records of their foreign-exchange employees for evidence of potential manipulation.