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ECB drops Citi from FX contact group

From reuters.com

The European Central Bank has dropped Citigroup from its experts' working group on foreign exchange, days after the U.S. bank was fined by U.S. and UK regulators for failing to stop traders from trying to manipulate the currency market. A source familiar with the matter said the ECB's decision seemed to be related to the fine. The ECB declined to comment on this aspect, saying only that the change in the list of members was part of an ongoing annual review of the foreign exchange contact group. A spokesman for Citi in London declined to comment Citi, the world's biggest foreign exchange bank, was one of six banks ... (full story)

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