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RBS shuts down multi-dealer online chat rooms

The Royal Bank of Scotland (RBS) has banned the use of multi-dealer online chat rooms, following the lead of other banks that have taken similar action.

The move comes as the financial industry is facing increased regulatory scrutiny after a number of high profile scandals.

RBS said it has told front office staff in its markets division that chat rooms with employees from other banks have been prohibited.

Chat rooms with clients, brokers and securities firms have also been closed until certain criteria have been met.

RBS also told workers that all social chat rooms are out of bounds and must be close immediately.

Earlier this week it was revealed that JPMorgan Chase is planning to ban the use of multi-dealer online chat rooms and the use of such rooms among staff for social purposes.

Chat rooms were a major focus for regulators investigating manipulation of the Libor and Euribor benchmark interest rates and possible rigging in the $5.3 trillion-a-day foreign exchange market.

By Claire Archer