Royal Bank of Scotland (RBS) and Deutsche Bank are reviewing rules on currency dealers trading with their own money, sources have said, as regulators investigate possible price fixing in foreign exchange markets.

Deutsche Bank, a major player in the $5.3 trillion a day market, now requires staff to seek approval for personal foreign exchange trades before conducting them, a source familiar with the matter told Reuters. The bank already asked employees to get approval for stock purchases from senior managers before doing deals.

RBS is assessing processes in its foreign exchange operations including personal accounts, a source said.

Swiss bank UBS was also looking at its policies on private trades, the Financial Times reported, citing people familiar with the plans.

UBS launched an internal review of its foreign exchange business when irregularities in the currency markets first emerged last year, according to its fourth quarter earnings report.

UBS and RBS declined to comment. Deutsche Bank said it has long-existing policies that forbid employees from using confidential client information to benefit their personal dealings.
– (Reuters)