Banks including UBS are moving more foreign exchange business on to their electronic trading platforms as regulatory probes into alleged forex market manipulation prompt a shake-out on traditional trading floors.
Senior bankers said they were accelerating a decade-long shift of forex trading from humans to computers as negative publicity around old-fashioned trading over the phone has prompted a rethink among banks and their clients.
At least 15 banks are under investigation by regulators worldwide amid allegations of collusion and manipulation in the forex market, and 22 traders have been subject to disciplinary action.
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