By Dow Jones Business News,
January 15, 2014, 09:25:00 AM EDT
Officials from the New York Federal Reserve and the Securities and Exchange Commission are on a "fact finding" tour of
Citigroup'sLondon office as part of their investigation into practices by foreign exchange traders there, a person
familiar with the matter said Wednesday.
The officials have been at Citigroup's office for a "couple of days." It is unclear how long they intend to stay or
whether they are also visiting other banks.
Last week, Citigroup fired Rohan Ramchandani, its head of European "spot" trading, having placed him on leave last
The former Citigroup banker was one of a handful of members of an electronic chat room--at one point dubbed The
Cartel--that is at the center of a probe involving authorities in the U.K., U.S., Asia and Europe, people familiar with
the matter said. Investigators are looking into whether traders at some of the biggest banks in the world cooperated to
benefit unduly from shifts in the $5.3 trillion a day currencies market.
The investigation got under way in April when the U.K.'sFinancial Conduct Authority began looking into foreign
currency trading. Last month, The Wall Street Journal reported that banks had discovered evidence in chat room
transcripts of traders at different banks working as a pack to unfairly move markets in their favor, by, for example,
agreeing on a sequence in which they would place trades.
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(END) Dow Jones Newswires