Is forex trading rigged
Justice News Department of Justice.
Forex scandal - Wikipedia
Thursday, September 17, Component s :. Antitrust Division.
Traders can affect market prices by submitting a rush of orders during the window when the fix is set. This might be where traders obtain confidential information about something that is about to happen and could change prices.
For example, some traders shared internal information about their clients' orders and trading positions. The traders could then place their own orders or sales in order to profit from the subsequent movement in prices. This can relate to the 4pm fix, with a trader placing a trade before 4pm because he knows something will happen at around 4pm. By agreeing to place orders at a certain time or sharing confidential information, it is possible to move prices more sharply.
Collusion can be "active", with traders speaking to each other on the phone or on internet chatrooms. It can also be "implicit", where traders don't need to speak to each other but are still aware of what other people in the market are planning to do. Last November, the UK's financial watchdog, the Financial Conduct Authority FCA gave some examples of how traders at banks calling themselves names such as "the players", "the 3 musketeers", "1 team, 1 dream" and "the A-team" attempted to manipulate foreign exchange markets.
Former JPMorgan trader convicted of FX market bid rigging seeks non-custodial sentence
In one example, it said traders at HSBC had colluded with traders from at least three other firms to attempt to drive the fix for the sterling-dollar rate lower. It said traders had shared confidential information about client orders prior to the fix, and then used this information to attempt to manipulate the fix downwards. Wednesday, 11 December, Banks face fresh collective action over forex manipulation.
Friday, 15 November, Rohan Ramchandani. Central bank trades prompted rival FX traders to share info. Thursday, 12 September, Monday, 29 July, Five banks face civil lawsuit in London over forex dealing.
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Cleared British traders put US justice on trial. Friday, 26 October, Bank traders acquitted in forex manipulation trial. Tuesday, 23 October, Forex traders wrap up defence in price fixing trial. Wednesday, 10 October,