RBS exits swathe of benchmarks amid foreign exchange probe

Tim Wallace
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RBS WILL cut the number of foreign exchange benchmarks on which it will accept orders from clients, paring back its offerings to around six fixings.

Yesterday the bank told customers it will implement the changes from 8 February, and will cease publishing its own RBS Fix reference rates from 28 February.

It comes as the bank is investigated by regulators over claims its traders were involved in attempting to manipulate some key benchmarks in the market.

“We understand that FX fixing order execution is important to our customers and we intend to continue offering this service in selected currencies,” the bank told clients. “Subject to market conditions, we will continue to accept orders you place with us at these fixings but it is important for you to be aware that in order for RBS to appropriately manage market risk, we may enter the market ahead of the fix.”