JPMorgan's top currency dealer put on leave

JPMorgan's top, London-based currency dealer has been put on leave against the backdrop of regulatory inquires involving a number of large banks over allegations of possible manipulation of the foreign-exchange market.

It is unclear whether the move is connected to the investigations. The dealer, Richard Usher, has not been accused of any wrongdoing.

Citigroup has reportedly taken similar action with its head of European Forex spot trading, Rohan Ramchandani who has also not been accused of any wrong-doing. Both banks declined

to comment.

The news comes on the heels of the statement by Barclays earlier this week that it is co-operating with authorities in connection with investigations into foreign-exchange trading. The Royal Bank of Scotland, Deutsche Bank and Swiss banks including UBS have also said they are co-operating with regulators over the investigations.

According to the Bloomberg news agency, regulators are looking into the use of an instant-message group used by Citigroup and JP Morgan dealers.

Earlier this month, the UK Financial Conduct Authority confirmed that it was “conducting investigations alongside several other agencies into a number of firms relating to trading on the foreign-exchange market.