RBC suspends three over trade suspicions
London – Royal Bank of Canada (RBC) is understood to have suspended three staff following an unlawful trade on the New Zealand dollar in early March, according to sister publication FX Week .
The trade, which took place in November, is thought to have involved a stop loss that traders at RBC sought to trigger by driving the kiwi lower. The strategy ran into a problem because a second bank involved in kiwi trade placed a bid and a number of other traders could see an inverted price that made them suspicious. This led the Canadian bank to cancel its credit line on Reuters Dealing
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