RBC Capital Market’s Co-Head of Currency Trading Graeme King Exits Amid FX Fixing Scandal
RBC Capital Market’s Co-Head of Currency Trading Graeme King Exits Amid FX Fixing ScandalREUTERS

RBC Capital Markets' co-head of foreign exchange spot trading, Graeme King, has left the bank while a raft of global investigations into the suspected manipulation of currency markets goes on.

According to a Reuters report, King has already left the bank but there was no confirmed reason for his departure.

RBC's representatives were not available at the time of publication.

The daily $5tn (£3.1tn, €3.7tn) currency market is the largest in the financial system and is pegged to the value of funds, derivatives and financial products.

Morningstar estimates that $3.6tn in funds, including pension and savings accounts, track global indexes.

FX rates are calculated are compiled by using data from a variety of submitted provisions on a number of platforms, such as Thomson Reuters.

It is then calculated by WM, a unit of State Street, to form WM/Thomson Reuters at 1600 GMT daily.

Around 20 traders and senior managers in the FX markets have either been put on leave, suspended or fired since the investigations were formally announced in October.

Most recently, senior Goldman Sachs forex trader Steven Cho is tipped to be leaving the US investment banking giant.

Cho is a partner at Goldman Sachs and heads up the bank's spot and forward trading of major foreign currencies. A source at the bank confirmed Cho is to leave.

Cho is retiring alongside Leland Lim, Goldman's co-head of macro trading for Asia Pacific, excluding Japan.

It also emerged that Citi's global head of foreign exchange, Anil Prasad, would leave the investment bank in March.

Sources told IBTimes UK that his departure was "entirely unrelated" to global investigations into the potential manipulation of currency rates.

Nobody from Goldman has been suspended or sacked and there is nothing to suggest Cho's or Lim's exits are related to the regulatory probes.