Tag: 4pm fix

January 15, 2014 BY Gerald Segal

Deutsche Bank preemptively suspends a forex dealer

 Internal investigation is suspecting benchmark manipulation of Argentinian Peso rates Deutsche Bank is the latest amongst heavyweight players in the foreign exchange industry that is parting with a trader on suspicion that benchmark forex rates have been manipulated. Sources close to the German daily newspaper die Welt have reported that the currency trader worked in…

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December 10, 2013 BY Gerald Segal

German BaFin argues for Libor benchmark calculation changes

After Libor and Euribor, recent FX rates manipulation probes, EU regulators seem to be toughening up Over the weekend German financial regulator BaFin has announced that it would be in the interest of the financial markets to conduct a thorough reform to the setting of financial markets benchmarks such as Libor. Chief Executive Director Raimund…

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November 21, 2013 BY Gerald Segal

Were senior bank FX execs sharing information with day traders?

As 4pm fix investigation continues, industry calls increase to change the way FX benchmarks are set In yet another twist, yesterday’s Bloomberg piece titled “FX Dealers Said to Use Day Traders to Make Personal Bets” is shedding some light on the FX manipulation practices surrounding the 4 pm fix saga. The trio of authors have…

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November 19, 2013 BY Gerald Segal

4 pm fix investigation – another lawsuit

Regulators turn their attention to traders' personal accounts Another week goes on and more troubling events for the big banks are reported by the media. While regulatory investigations of FX fix manipulations are ongoing, the USA Today reported yesterday that South Korean semiconductor company Simmtech has filed a class action lawsuit against seven major banks.…

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November 18, 2013 BY Gerald Segal

Big banks consider banning online chat rooms for their dealers

In the wake of forex rates manipulation investigations, senior management patience runs thin Following our report last week that several pairs were affected in the alleged currency rates manipulation of the 4 pm fix.Some new information was sourced in a report by Reuters titled "Banks consider ban on chat rooms after rigging probe" shed light on…

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November 13, 2013 BY Gerald Segal

Regulators extend forex investigation of banks into currencies beyond EURUSD

Was FX benchmark manipulation the exception or the norm? Yesterday we bumped into a revealing article providing some more precise details about the foreign exchange manipulation investigations in the Financial Times called "Biggest banks face forex probe questions". As it turns out, according to the newspaper’s sources close to the forex probe, there are several forex…

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November 11, 2013 BY Gerald Segal

Moscow Exchange introduces a new FX Fixing methodology

New currency pairs for which rates are provided, including EUR/USD and CNY/RUB Starting today the Moscow Exchange has announced that it is changing the methodology of calculation of Moscow FX fixings, and in addition to the already priced USD/RUB, it introduces fixing prices for EUR/RUB, EUR/USD and CNY/RUB. The move comes at a time when…

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November 11, 2013 BY Gerald Segal

The FT states: The Forex market is designed to encourage crime

Was the 4pm fix mechanism just inviting manipulation by greedy traders and banks? Last week, in an interesting piece called “The forex market is designed to encourage crime” the Financial Times newspaper picked up on an important issue. Written from a forex industry outsider's perspective (the author's first complaint was the 30% spread in buying or…

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