FX Probes Further Unfold - Junior Traders Offered Immunity for Information
by
Adil Siddiqui
The FX probes ramification has led to junior traders on the desk. FT reports that US investigators have travelled to the UK to dig-deep into the way senior-bank traders allegedly manipulated FX rates.
The global foreign Exchange scandal surrounding rates manipulation by bank traders saw a new course of action with US authorities offering junior desk traders immunity if they support the investigators enquiry, as reported by the Financial Times. The latest news comes on the back of continued concern about the way financial markets are managed in an inter-operable world.
The report by the FT states that members of the US Department of Justice have flown over to the UK in a bid to identify new loops and information that can support their investigation. It is believed that the prosecutors are interviewing junior traders at leading banks as the ongoing investigation into the global FX scandal continues.
The FX rates probe has seen major banking institutions suspend a number of key staff members, including senior traders, amid internal investigations. The UK’s central bank, the Bank of England (BoE) suspended a staff member in March earlier this year, due to compliance reasons. Furthermore, the BoE issued a statement which said that allegations about possible rate fixing were made a number of years ago.
The latest ‘Sherlock Holmes’ technique by government officials highlights the severity of the matter as they explore new methods to unfold the exact workings of the case. FT sources cited that junior traders will be given partial immunity if they provide useful information or evidence.
A London-based former bank trader commented to Forex Magnates anonymously: “It's absurd that people who are under pressure and who probably won't know a thing are being questioned, it’s the regulators who need to examine ‘what’ went wrong.”
The FX rates manipulation follows on from the Libor case which saw a number of banks face fines, although Libor reflects the UK market’s overnight interest rate, it is used in US derivatives deals and thus impacts firms across the Atlantic, affecting mortgages and other loans, the act violated American law. The US regulatory authority, the FDIC named and shamed 16 major global banks in a court filing in March 2014, these included: Bank of America, Barclays, Citigroup, Credit Suisse, Deutsche Bank AG, HSBC Holdings, JPMorgan Chase, the Royal Bank of Scotland Group and UBS.
The manipulation cases, coupled with the global recession of 2008 have dampened investor confidence in financial instruments. Marek Damski, a private investor from Lublin, Poland, explained to Forex Magnates that he finds it hard to trust the banks, he said in a comment: “All you hear in the news is problems with banks, one after the other, my money’s safe with me.”
Foreign exchange trading is the world’s most actively traded financial instrument, according to the BIS Triennial FX Survey over $5.3 trillion is traded on a daily basis. London is the world's largest financial trading centre accounting for over 40% of trades.
Germany's main financial watchdog commented about the FX probes during a conference earlier this year, it believes that the bulk of manipulation was carried out in emerging market currencies, e.g Asian and LATAM crosses. EMFX is playing a more significant role in the global FX markets with the Chinese yuan joining the top ten traded currencies, as per the the BIS Survey.
The global foreign Exchange scandal surrounding rates manipulation by bank traders saw a new course of action with US authorities offering junior desk traders immunity if they support the investigators enquiry, as reported by the Financial Times. The latest news comes on the back of continued concern about the way financial markets are managed in an inter-operable world.
The report by the FT states that members of the US Department of Justice have flown over to the UK in a bid to identify new loops and information that can support their investigation. It is believed that the prosecutors are interviewing junior traders at leading banks as the ongoing investigation into the global FX scandal continues.
The FX rates probe has seen major banking institutions suspend a number of key staff members, including senior traders, amid internal investigations. The UK’s central bank, the Bank of England (BoE) suspended a staff member in March earlier this year, due to compliance reasons. Furthermore, the BoE issued a statement which said that allegations about possible rate fixing were made a number of years ago.
The latest ‘Sherlock Holmes’ technique by government officials highlights the severity of the matter as they explore new methods to unfold the exact workings of the case. FT sources cited that junior traders will be given partial immunity if they provide useful information or evidence.
A London-based former bank trader commented to Forex Magnates anonymously: “It's absurd that people who are under pressure and who probably won't know a thing are being questioned, it’s the regulators who need to examine ‘what’ went wrong.”
The FX rates manipulation follows on from the Libor case which saw a number of banks face fines, although Libor reflects the UK market’s overnight interest rate, it is used in US derivatives deals and thus impacts firms across the Atlantic, affecting mortgages and other loans, the act violated American law. The US regulatory authority, the FDIC named and shamed 16 major global banks in a court filing in March 2014, these included: Bank of America, Barclays, Citigroup, Credit Suisse, Deutsche Bank AG, HSBC Holdings, JPMorgan Chase, the Royal Bank of Scotland Group and UBS.
The manipulation cases, coupled with the global recession of 2008 have dampened investor confidence in financial instruments. Marek Damski, a private investor from Lublin, Poland, explained to Forex Magnates that he finds it hard to trust the banks, he said in a comment: “All you hear in the news is problems with banks, one after the other, my money’s safe with me.”
Foreign exchange trading is the world’s most actively traded financial instrument, according to the BIS Triennial FX Survey over $5.3 trillion is traded on a daily basis. London is the world's largest financial trading centre accounting for over 40% of trades.
Germany's main financial watchdog commented about the FX probes during a conference earlier this year, it believes that the bulk of manipulation was carried out in emerging market currencies, e.g Asian and LATAM crosses. EMFX is playing a more significant role in the global FX markets with the Chinese yuan joining the top ten traded currencies, as per the the BIS Survey.
XTB Acquires ISA License in The UK, New Products Planned for Autumn
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
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#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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#fmas #fmas24 #fmevents #networking #finance #africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
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#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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