After multiple media outlets reported this morning that Commerzbank AG has suspended two FX traders of the Polish zloty, Forex Magnates’ reporters reached out for a comment from the Frankfurt headquartered lender.
A Commerzbank Corporates & Markets’ spokesperson has confirmed to Forex Magnates : “The suspension of two individuals in its foreign exchange division comes after discovering a breach of internal rules. Commerzbank has zero tolerance for non-compliance with rules and regulations, and has taken immediate action upon the discovery of inappropriate conduct. We believe this incident was an isolated event and one from which the Bank and the individuals concerned in no way profited.”
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The move comes only a day after the German financial regulatory authority BaFin announced that it has uncovered solid evidence of FX markets’ manipulation, adding that the major rates have remained unaffected. The regulator’s Chief Executive Director of Banking Supervision, Raimund Röseler, stated in a press conference that the evidence was related to smaller currencies which are not widely traded in the FX market.