Commerzbank suspends traders suspected of forex rigging

Commerzbank, Germany's second-biggest bank, said on Wednesday it has suspended two foreign exchange traders suspected of being involved in the rigging of exchange rates. Commerzbank "confirms the suspension of two individuals in its foreign exchange division after discovering a breach of internal rules," the bank said in a statement. "Commerzbank has zero tolerance for non-compliance with rules and regulations, and has taken immediate action upon the discovery of inappropriate conduct," the statement said. "We believe this incident was an isolated event and one from which the bank and the individuals concerned in no way profited." On Tuesday, the German financial sector watchdog, BaFin, said it had found concrete evidence that traders attempted to manipulate the global currency market. The head of BaFin's banking supervision, Raimund Roeseler, said evidence had been found that "multiple currencies" had been subject to attempted manipulation. A number of banks, including Germany's largest Deutsche Bank, have acknowledged that they are being investigated. According to German media reports, Deutsche Bank has suspended a manager in London and "at least one trader" in New York.