Standard Chartered Trader Matt Gardiner Resigns Amid FX Fixing Scandal
Standard Chartered Trader Matt Gardiner Resigns Amid FX Fixing ScandalReuters

Matt Gardiner, one of Standard Chartered's senior currency dealers has resigned, after being put on leave in October 2013, amid a number of foreign exchange fixing investigations.

Although Standard Chartered declined to confirm his departure to IBTimes UK, several media reports say that he is no longer at the bank.

Sources close to Standard Chartered say that his move was "completely unrelated to his activities after joining the British bank."

Gardiner is one of the 25 traders has been put on leave, suspended or fired amid the FX fixing investigations that were launched over the past year.

Previously, IBTimes UK exclusively revealed that a whistleblower alerted regulators in the US, UK and Switzerland in 2011 about some of the world's largest trading companies and banks manipulating benchmark sterling, US dollar and Swiss franc currency rates.

However, it was not until 2013 that these authorities started investigating the allegations of market rigging.

The FX Market

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.