Tag: FX rates investigation

April 28, 2014 BY Andrew Saks-McLeod

US criminal prosecutors head to Britain to investigate FX rate rigging allegations on foreign soil

US criminal prosecutors have arrived in London to interview individuals away from domestic territory as government investment in the rate fixing case extends overseas The United States criminal justice system is well renowned for ensuring that potential wrongdoings are put right, even if the alleged perpetrators are overseas. Yesterday, forming the most recent development in…

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April 03, 2014 BY Andrew Saks-McLeod

UBS to avoid all penalties in FX rigging investigation?

European financial regulators may consider the global FX giant fully immune from any penalties whatsoever as a result of assistance with inquries into the FX rigging probe The days when traditional banking practices in which customers paid for the service that they received on a per-transaction basis are a distant memory to most European corporate…

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February 09, 2014 BY Gerald Segal

Senior FX exec departures continue – Citi, Goldman Sachs, and now RBC

Canada's RBC Capital Markets sees Graeme King depart as co-head of FX spot trading. The revolving door continues to swing in the executive suites of major banks. Last week we reported on the departure of Anil Prasad, Citigroup Head of FX. Well the weekend has brought more changes, with Canada's largest bank RBC announcing that its co-head…

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January 21, 2014 BY Gerald Segal

German regulatory watchdog puts 4pm fix investigation as top priority

Foreign exchange fixing revamp is imminent as regulators contemplate big changes Sources familiar with the recently launched investigation by German regulatory watchdog BaFin are claiming that the investigation has been put on the top priority list and Deutsche Bank’s London offices will be visited by an investigating team. Transparency in major banks’ business practices has…

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January 15, 2014 BY Gerald Segal

Integral and Stanford University launch second-by-second FX benchmark

The access to the resource is free and it can be used by brokers and clients to settle transaction disputes Californian forex technology company Integral Development has now officially launched its earlier unveiled product aiming to bring more transparency to the forex market. While we haven’t tried the service yet, it can be a very…

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December 26, 2013 BY Gerald Segal

Barclays ends 2013 with $3.75M fine for poor client record keeping

The bank failed to keep some instant messages from Bloomberg Terminals, FX fix investigations related? On the second day of Christmas… FINRA settled with Barclays for systematically failing to keep proper records of emails and instant messages for 10 years. The company did not abide by securities laws that mandate companies to keep and protect…

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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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