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Feb 17 (Reuters) - In a crackdown on currencies traders,financial institutions including Royal Bank of Scotland,Deutsche Bank and UBS are reviewing therules governing how traders make bets with their own money, theFinancial Times reported on Monday.
People familiar the matter told the newspaper that theselenders were looking at ways for a stringent policy regime on"private account" trading to curb manipulation in global foreignexchange markets. ()
"We do not want to prevent a sterling trader in London frombuying lunch," one senior banker told the FT.
Deutsche Bank declined to comment on the story. UBS andRoyal Bank of Scotland could not be reached outside of regularbusiness hours.
Citing people familiar with the plans, FT said that DeutscheBank is mulling a threshold for how much personal money a traderwill be allowed to trade in each currency.
The FT had reported in November that the UK's FinancialConduct Authority is probing the use of private accounts byforex traders.
A person close to the situation told the newspaper that theFCA probe was ongoing and comes amid allegations that sometraders might have used private accounts to place bets based oninformation gleaned by exchanging details about client orderswith rivals.
Personal accounts trades are usually declared to the bank,and are recorded via automatic emails. However, in the case ofpersonal accounts trading in forex, a trader converting eurosinto dollars for use in the United States could theoreticallybreach the rules.
London is the hub of the global forex market, accounting forsome 40 percent of the $5.3 trillion traded on an average day.
Foreign exchange benchmarks are scheduled to be reviewed bythe Financial Stability Board, which coordinates regulation forthe Group of 20 (G20) leading economies soon after the Britain'smarket watchdog, the Financial Conduct Authority, opened probein October last year followed by the U.S. Department of Justice.
Last year, banks including Barclays and UBS werefined $6 billion for rigging Libor benchmark interest rates.Some of the same banks are cooperating with regulators in theforex probe.
