LONDON, Sept 11 (Reuters) - Rohan Ramchandani, the formerhead of European currency trading at Citigroup, whosources close to the matter say was fired by the global bank inJanuary, has joined online trading- services provider LondonCapital Group Holding.
Ramchandani, who has not been accused of any wrongdoing, wasthe first trader to be sacked as a global investigation intoalleged manipulation of the $5 trillion-a-day foreign exchangemarket intensified. Citi has not said why he was fired and thetrader could not be reached for comment via his lawyer onThursday or previously.
He started working on Wednesday in LCG's trading and risk-management division, working solely in foreign exchange,Executive Chairman Charles Sabet told Reuters on Thursday.
"This is part of a full revamping in the skills of LondonCapital Group," Sabet said. "We are happy to have him."
Ramchandani will not have to be registered with theFinancial Conduct Authority because spot foreign exchangetrading is an unregulated activity, Sabet said.
Talks to hire Ramchandani had been going on for severalweeks. LCG consulted with several people in the industry as wellas its internal compliance team and lawyers before hiring him,Sabet said.
Since allegations of collusion and price manipulation in theworld's largest financial market first surfaced last year, morethan 30 traders have been placed on leave, suspended or fired bysome of the world's biggest banks.
No individual or bank has been accused of wrongdoing and noevidence of wrongdoing has been found. All the banks involvedare cooperating with the regulators. (Reporting by Jamie McGeever; Editing by Catherine Evans, LarryKing)
