Exclusive: Deutsche Bank fires Argentine trader in wake of FX probe: source

Wed Feb 5, 2014 4:55pm EST
 
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By Gertrude Chavez-Dreyfuss

NEW YORK (Reuters) - Deutsche Bank has fired a currency trader in Argentina amid investigations by global regulators into alleged manipulation of the foreign exchange market, according to a source familiar with the matter, bringing to four the number of traders the bank has dismissed.

Ezequiel Starobinsky, a vice president, at Deutsche office in Argentina, is no longer working at the bank, the source said on Wednesday, after investigations into the fixing rate of the Argentine peso against the U.S. dollar.

The source spoke on condition of anonymity because the investigation is an internal bank matter and is continuing.

Starobinsky, reached through his Facebook account, declined to comment.

When asked for comment, Deutsche Bank spokesperson Renee Calabro in New York sent Reuters an email with the bank's recent response to questions about the probes. In the statement Deutsche says it "has received requests for information from regulatory authorities that are investigating trading in the foreign exchange market." It said that the "bank is cooperating with those investigations, and will take disciplinary action with regards to individuals if merited."

Calabro declined to discuss specific action against any individuals.

Global financial regulators are looking into allegations that traders at some of the world's biggest banks, including Deutsche Bank, colluded to manipulate benchmark foreign-exchange rates used to set the value of trillions of dollars of investments, or the so-called WM/Reuters "fix".

Starobinsky is among four traders to have been let go by the bank in connection with external and internal probes into trading practices in the currency market.   Continued...

 
A Deutsche Bank logo is pictured in front of the Deutsche Bank headquarters in Frankfurt February 24, 2011. REUTERS/Ralph Orlowski