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February 18, 2014updated 04 Apr 2017 2:30pm

Financial institutions reviewing rules on currencies traders betting own money-report

Royal Bank of Scotland (RBS), Deutsche Bank and UBS are reportedly considering ways of making new policies on private account trading in an effort to limit manipulations in foreign exchange markets.

By Verdict Staff

Royal Bank of Scotland (RBS), Deutsche Bank and UBS are reportedly considering ways of making new policies on private account trading in an effort to limit manipulations in foreign exchange markets.

The three banking groups are currently evaluating the norms that oversee private account trading by foreign exchange traders, reported the Financial Times citing people familiar with the matter.

A senior banked told FT: "We do not want to prevent a sterling trader in London from buying lunch."

Deutsche Bank is considering an entrance on quantity of personal money that a trader needs to be allowed to trade in each currency, according to the news source.

In November 2013, the Financial Conduct Authority began its probing on the usage of private accounts by foreign exchange traders.

Currently, London accounts for 40% of the $5.3trn foreign exchange trading on an average day.

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