The European Central Bank (ECB) has dropped Citigroup from its experts' working group on foreign exchange, days after the US bank was fined by US and UK regulators for failing to stop traders from trying to manipulate the currency market.

Citi, the world's biggest foreign exchange bank, was one of six banks fined a total of $4.3 billion last week for failing to have adequate systems in controls in place to prevent traders from attempting to rig benchmark currency rates.

The ECB has several working groups that consist of experts from the ECB and commercial banks through which it keeps in touch with the debt, FX and money markets to discuss developments and to monitor and exchange views.-Reuters