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manipulation
Goldman Sachs Dismisses Sterling Trader for Prior FX Market Misconduct
- Goldman Sachs decides to mitigate risks by terminating a currencies trader holding a smoking gun. With so many counts of misconduct found by regulators, Frank Cahill may not be the first benchmark pirate to walk the plank.
Wednesday, 19/11/2014 | 04:28 GMT by
George Tchetvertakov
FX Fixing Window Set for Widening to Reduce Propensity for Market Manipulation
- As various proposals are implemented to reduce the propensity for FX manipulation, WM Company takes the simple step of widening the fixing window to 5 minutes. Does a wider window reduce the chance of collusion?
Tuesday, 18/11/2014 | 02:51 GMT by
George Tchetvertakov
Banks Face Judgment Day As FXCM Strengthens US Market Foothold
- This week’s “Best Stories” edition explores the true meaning and possible consequences of the much awaited FX rates manipulation fines, along with interesting findings from CFTC's September retail fx report.
Saturday, 15/11/2014 | 22:01 GMT by
Jeff Patterson
b-next Offering Market Surveillance Tool to Bridge Existing Gap at Tier 1 Banks
- Over the past few years, market rigging revelations have confirmed significant global benchmark manipulation in all asset classes. b-next aims to fill the compliance gap at banks scrambling to adjust to ESMA and Mifid II guidelines due in 2017.
Friday, 24/10/2014 | 02:37 GMT by
George Tchetvertakov
Lloyds Axes Eight Employees, Slashes Bonuses as Libor Wounds Remain Fresh
- The Libor specter has once again returned to Lloyds Banking Group Plc, culminating in the dismissal of eight employees and a dramatic reduction of bonuses after the FCA found that seven managers were guilty of misconduct.
Tuesday, 30/09/2014 | 06:02 GMT by
Jeff Patterson
UBS Announces Settlement Talks Over Forex Rate Manipulation
- Despite admissions that large banks colluded to manipulate FX rates, regulators are taking the view that it was only "conduct breaches" among rogue individuals rather than "deliberate manipulation" of the FX market.
Monday, 29/09/2014 | 12:31 GMT by
George Tchetvertakov
Top Banks Sued by Pension Fund as Manipulation Mantra Overshadows Banking Industry
- In revelations that have an eerie resemblance to the LIBOR fixing scandal, staff allegedly “communicated via private chat rooms” and "used digital communications to submit identical quotes beginning at least in 2009".
Monday, 08/09/2014 | 10:57 GMT by
George Tchetvertakov
Former Citi Employee Chris Cecere Rehired Despite LIBOR Involvement
- Ex Citi employee Chris Cecere has been rehired by Brevan Howard Asset Management LLP, following his departure and involvement in manipulating the London Interbank Offered Rate (LIBOR) just two years ago.
Friday, 15/08/2014 | 15:03 GMT by
Jeff Patterson
Lloyds Banking Group Faces over $200 Million Fine in LIBOR Manipulation Charges
- The British and American regulators have settled against Lloyds Banking Group plc and affiliates for false trade reporting and the manipulation of LIBOR & Repo Rates, levying the third highest fine by the FCA.
Monday, 28/07/2014 | 14:06 GMT by
Jeff Patterson
Former Lloyds Director, Alison Hewitt, Joins HSBC as European Head of Regulatory Compliance
- Europe’s largest bank, HSBC Holdings Plc, has announced the appointment of Alison Hewitt, formerly of Lloyds Banking Group, having recruiting her for the key role of Head of Regulatory Compliance in its European Division.
Monday, 23/06/2014 | 13:38 GMT by
Jeff Patterson
NASDAQ OMX Fortifies FX Surveillance with the Launch of SMARTS
- The NASDAQ OMX Group, Inc., the world's paramount provider of market technology and solutions, has announced the launch of its new SMARTS fx Trade Surveillance initiative, according to a NASDAQ OMX statement.
Thursday, 15/05/2014 | 09:01 GMT by
Jeff Patterson
Allegations Surrounding Eight Banks Draw FX Probe from Swiss Competition Commission
- Amidst mounting allegations of currency manipulation, the Swiss Competition Commission has initiated an investigation into UBS, Credit Suisse, and six other banks, following an earlier preliminary attempt.
Monday, 31/03/2014 | 11:18 GMT by
Jeff Patterson
NZ Regulatory Body Launches Forex Probe as Scope of Allegations Widens
- The widening scope of a global forex investigation has now extended to New Zealand, as the country’s Commerce Commission has announced the launch of a probe into the manipulation of currency rates.
Monday, 31/03/2014 | 06:46 GMT by
Jeff Patterson
Global Electronic FX Volume Rises to 74% in 2013 as Firms Seek More Transparent Means
- The string of fx probes launched over abuses into the manipulation of currency rates has gradually necessitated more transparent electronic trading means, which in 2013 rose to encompass 74% of fx transactions.
Wednesday, 26/03/2014 | 18:48 GMT by
Jeff Patterson
ASIC Launches Investigation into Aussie Markets over Forex Manipulation
- The list of global regulators investigating the manipulation of fx rates in a $5.3 trillion-dollar-a-day industry has continued, with recent news of ASIC joining the probe in examining Australian markets.
Wednesday, 19/03/2014 | 11:09 GMT by
Jeff Patterson
Lloyds FX Trader Chantree Accused of Currency Manipulation with BP Worth $500M
- Martin Chantree, a senior currency dealer at Lloyds Banking Group Plc, has been accused of colluding with BP Plc in an attempt to manipulate a foreign exchange transaction worth nearly $500 million.
Tuesday, 11/03/2014 | 07:26 GMT by
Jeff Patterson
Thomson Reuters Creates Subsidiary to Govern Benchmarks Ahead of Regulatory Deadline
- Thomson Reuters has unveiled the Thomson Reuters Benchmark Services Limited (TRBSL), a subsidiary aimed at managing and overseeing financial benchmarks that were previously the target of LIBOR manipulation.
Monday, 10/03/2014 | 10:44 GMT by
Jeff Patterson
Lloyds Bank Suspends Trader Amidst Libor Manipulation, Others Return to Work
- The fx and benchmark fixing scandal has taken another turn as of late, this time via an announcement out of Lloyds Banking Group that a trader has been suspended following allegations of Libor manipulation.
Thursday, 27/02/2014 | 00:20 GMT by
Jeff Patterson
UBS Makes Bid for Immunity from US and EU Regulators over FX Manipulation
- UBS AG, the embattled banking giant under investigation for interest-rate rigging and forex manipulation has launched a bid to seek immunity in both the United States and the European Union (EU).
Monday, 24/02/2014 | 18:48 GMT by
Jeff Patterson
Deutsche Bank Chief Questions Decision to Limit FX Fixings, Calls for Fundamental Change
- As the manipulation of benchmark rates causes widespread upheaval in the industry, some banks opted to limit daily forex fixings, prompting Deutsche Bank to label this as an unsustainable solution.
Thursday, 30/01/2014 | 01:20 GMT by
Jeff Patterson
Federal Reserve Joins Forex Probe, Targets Largest Banks Over Currency Manipulation
- The U.S. Federal Reserve has initiated an investigation, joining other regulators in ascertaining the truth surrounding forex manipulation and the lack of oversight and controls over currency trading.
Tuesday, 14/01/2014 | 00:55 GMT by
Jeff Patterson
Industry Backlash Over FX Rate Manipulation Sees Citi Trader's Career Cut Short
- Citi's London operations has responded to the FX rate fixing allegations which have plagued many institutions recently by deciding not to reinstate its Head of Spot FX after period of paid leave.
Saturday, 11/01/2014 | 18:02 GMT by
Andrew Saks McLeod
US District Court Slaps RBS With $50 Million Fine For Interest Rate Manipulation
- The Royal Bank of Scotland (RBS) has been sanctioned with a $50 million fine by the US District Court of Connecticut for its role in the interest rate manipulation of Japanese securities known as Libor.
Tuesday, 07/01/2014 | 01:03 GMT by
Jeff Patterson
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