“Traders manipulating exchange rates”
Currency traders at several large banks have for years manipulated the rates for foreign exchange. That financial news agency Bloomberg reported Wednesday on the basis of insiders around the case.
According to the sources manipulated the traders in the currency exchange platform WM / Reuters in the 60 seconds required to determine, by orders by pressing the rates and work with counterparties together. By manipulating the exchange traders try to book profits at the expense of their customers, the sources said.
Reportedly found the practice for over 10 years. The UK regulator of financial markets FCA would like to open. An investigation into the alleged manipulation of exchange rates .
On the foreign exchange market is daily 4.7 trillion (3.5 trillion euros) traded. It is the largest market in the financial system, but also one of the least regulated. The rates at WM / Reuters by fund managers used on a daily basis to measure the value of their assets and brokerage firms.
One of the largest asset managers in Europe would have complained to the FCA on alleged manipulation of exchange rates. During the past year The regulator announced to be the allegations and talk. Relevant parties informed
The financial markets lately plagued by scandals. So last year it was revealed that banks have tampered with the interbank interest rate Libor. The banks RBS, UBS and Barclays have agreed to settlements totaling $ 2.6 billion because of the Libor scandal. Other banks are still being investigated for their involvement.
Also would be tampered with determining the oil price. By oil companies In May, the European authorities raided by major oil companies in connection with the investigation.
Source: De Telegraaf