More Actions Looming for Banks Suspected of Manipulating Forex Market

AsstModerator

FPA Forums and Reviews Admin
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5,655
Last month, the CFTC fined 5 major banks 1.4 billion for manipulating currency prices.

Now there's a report of New York's Department of Financial Services going after banks. Bloomberg.com reports that 2 banks may be in trouble for using software to try to manipulate forex prices.

This is a breaking story. I don't know how long until more details will come out. You can find the Bloomberg article here...

NY Regulator Said to Probe Deutsche Bank, Barclays FX Algorithms


It could be worse the for the banks. Another Bloomberg article says that Vladimir Putin is calling "for 'harsh' measures to deter currency speculators" to help reduce declines in the value of the ruble. More details are here...

Medvedev Enlists Russian Companies in Bid to Halt Ruble Drop


If I had a choice, I'd prefer to be in trouble with the CFTC and New York regulators instead of facing "harsh" measures from Mr. Putin. ;)
 

Bob4rex

Private
Messages
23
If banks now start to behave like bucket shops, wonder what will happen to us small time traders and forex generally?
 

lexi28

Corporal
Messages
72
@bob4rex: small time brokers? we band together in fora like these and collectively exceed the critical mass!!!
 

Triantus Shango

Sergeant Major
Messages
1,372
great articles. now i hope all retail traders reading this ask themselves: if the institutionals cheat their clients, do you really think your retail broker isn't tempted to tweak its software server-side in its own favor?

where there is insane amounts of money, there is always THEFT. period. the temptation is just too great for most to resist, given what we know about human nature. it sucks big time, but what can we do?


Last month, the CFTC fined 5 major banks 1.4 billion for manipulating currency prices.

Now there's a report of New York's Department of Financial Services going after banks. Bloomberg.com reports that 2 banks may be in trouble for using software to try to manipulate forex prices.

This is a breaking story. I don't know how long until more details will come out. You can find the Bloomberg article here...

NY Regulator Said to Probe Deutsche Bank, Barclays FX Algorithms


It could be worse the for the banks. Another Bloomberg article says that Vladimir Putin is calling "for 'harsh' measures to deter currency speculators" to help reduce declines in the value of the ruble. More details are here...

Medvedev Enlists Russian Companies in Bid to Halt Ruble Drop


If I had a choice, I'd prefer to be in trouble with the CFTC and New York regulators instead of facing "harsh" measures from Mr. Putin. ;)
 

donperry

Private
Messages
16
great articles. now i hope all retail traders reading this ask themselves: if the institutionals cheat their clients, do you really think your retail broker isn't tempted to tweak its software server-side in its own favor?

where there is insane amounts of money, there is always THEFT. period. the temptation is just too great for most to resist, given what we know about human nature. it sucks big time, but what can we do?


A greed


{agreed}
 

Pharaoh

Colonel
Messages
20,125
If I had a choice, I'd prefer to be in trouble with the CFTC and New York regulators instead of facing "harsh" measures from Mr. Putin. ;)

And in tonight's leading news stories: Another US bank gets fined for currency price manipulation and the accidental deployment of a tactical nuclear device vaporizes a Russian forex brokerage. Stay tuned for details.
 

Triantus Shango

Sergeant Major
Messages
1,372
i was just musing about all this as i sit here, looking at my screen wondering why the EU seems to be frozen in time on its creepy way up. financial thievery is what will unravel the tenuous fabric of society. and when that happens, you better have a gun handy and pray god is on your side. ;) (yeah, it's that part of the night when i'm in 'militia jack' mode.)
 
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