British authorities investigating potential manipulation in the currency markets are looking at the role of a senior trader at JPMorgan Chase while he worked for another firm, the Wall Street Journal reported Monday on its website.
The bank’s London-based head of spot currency trading participated in certain electronic chat sessions while at his former employer, Royal Bank of Scotland Group PLC, that authorities have homed in on, the WSJ said.
The chat sessions were with a group of traders from other banks who were called “The Bandits’ Club” and “The Cartel,” the WSJ said.
Investigations into the $5 trillion-a-day market have broadened.
JPMorgan spokesman Brian Marchiony declined comment.