Wednesday, April 16, 2014

Another Day, Another Senior FX Trader "Resigns"

by Tyler Durden

The plague of resigning senior FX traders from bulge bracket banks continues. The oddly coincidental timing of these mass resignations - along with total radio silence over any reasons from the banks in question - and the spreading FX market 'rigging' probe is, we are sure, just conspiracy theorists run wild. As Bloomberg reports, Lloyds Banking Group’s global head of spot foreign exchange, Darren Coote, has resigned, according to three people with knowledge of the move.

Via Bloomberg,

Coote quit last week for personal reasons and the move is unrelated to any disciplinary investigations, said one of the people, who asked not to be identified because the decision isn’t public. Coote, who worked in London, didn’t immediately respond to a message left with a colleague or to an e-mail to his work address.

It is group policy that we do not comment on individual employees,” Lloyds said in an e-mailed statement, declining to provide personal contact details for him.


His exit comes less than three months after Lloyds suspended Martin Chantree, a senior currency trader in the British lender’s London office, for passing on details about an impending trade to an employee at another firm.

Coote joined Lloyds in December 2011 from UBS AG where he was global head of spot trading, according to his LinkedIn account.

Is there anyone left trading FX - or is it all machines now?

See the original article >>

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