FX Week

RBC's Mitscher Suspended Exceeded Trading Limits?

BANKS

In a highly unusual move, Austin Mitscher was suspended indefinitely from Royal Bank of Canada’s (RBC) New York office. Mitscher, a trader engaged in arbitraging the forward currency market against the floating rate agreement market, "has been suspended for doing a deal he knew he should not have," a source at the bank says.

"He wanted to do a £50 million deal with Chase and was told not to, and he did the deal anyway," the source says. A senior official at RBC says, "you’ve heard he is suspe