Libor Fixing Scandal
Reuters

Two of Rabobank's most senior FX traders have left the bank amid an investigation into the Dutch lender for potential manipulation of the currency markets.

A source told IBTimes UK that Gary Andrews and Chris Twort have left the bank, although there was no indication that it was related to the FX fixing probe.

Rabobank declined to comment.

The daily $5tn (£3tn, €3.9tn) currency market is the largest in the financial system and is pegged to the value of funds, derivatives and products.

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

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

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

Libor Fixing Legacy

The Dutch lender, a co-operative founded in the late 19th century as a farmers' bank, received a formal request from the Dutch Ministry of Security and Justice, for information linked to the ongoing probes into its possible involvement in the manipulation of Libor, in October 2012.

Since then, two former Rabobank derivatives traders, Anthony Allen, 43, of Hertsfordshire, England, and Anthony Conti, 45, of Essex, have been charged on allegations of Libor fixing.

The DoJ has also charged were Tetsuya Motomura, 42, of Tokyo and Paul Thompson, 48, of Dalkeith, Australia.

Both Robson and Yagami has pleaded guilty to one count of conspiracy in connection with their roles in the alleged Libor rigging scheme.

On 17 October, the US government has indicted two more former Rabobank traders, for their alleged attempts to manipulate some of the world's most important interbank lending rates.

One year ago, Rabobank's chief executive Piet Moerland quit earlier than expected after the Dutch lender was fined €774m by US and other British and European authorities for its role in the manipulation of the key interbank lending rate Libor.