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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.
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.