How does the fix work? At different set points each rigged the cross rates for the ten major currencies those of the G10 nations are fixed. This is fixed using actual trades in the spot market in the minutes immediately around 4pm. How do the banks make money? A bank with net client orders to buy a currency at the fix forex will make a profit if rigged average rate at which it buys the currency in the market is lower than the rate at which it sells to the clients. The reverse is the case for net sell orders where the bank tries to sell the currency at a higher rate than it has agreed to buy from its clients. Banks can legitimately manage their currency book to try forex improve the chances of this being the case. So what did rigged involve? Because it is spot rate trades which lead to the fix, the groups of traders who ganged together, could manipulate their spot trades around the fix to ensure that forex the fix was rigged their overall books were in profit. The bank has effectively taken a position by guaranteeing its client a certain rate. Why did the traders collaborate with traders from other banks? Using emails forex chat rooms they could suggest to their rivals and their colleagues in other parts of forex world rigged way they wanted the fix to move and, if that suited the majority, ensure it happened. This could be anyone from a hedge fund taking a punt to a major corporate changing money as part of a big overseas commercial transaction. What rigged in it forex the traders? They did not profit individually from the rigged markets. But if rigged dealing desk made consistently higher profits it was certainly reflected in their bonuses at the end of forex year. We use cookies rigged enhance your visit rigged our site and to bring you advertisements that might interest you. Read our Privacy and Cookie Policies to find out more. Advertising helps fund our journalism and keep it truly independent. It helps to build our international editorial team, from war correspondents to investigative reporters, commentators to critics. Click here to view instructions on how to disable your ad blocker, and help us to keep providing you with free-thinking journalism - for free. How to disable your ad blocker for independent. What you need to know about the latest scandal to hit the financial services. Click to follow The Independent Online. We've noticed that you are using an ad blocker. Thank you for your support. On Adblock click "Don't run on forex on this domain". On Adblock Plus click "Enabled on this site" to disable ad blocking for the current website you are on. If you are in Firefox click "disable on independent. Firefox Tracking Protection If you are Private Browsing in Firefox, "Tracking Protection" may cause the adblock notice to show. It can be temporarily disabled by clicking the "shield" icon in the address bar. Ghostery Click the Ghostery icon. In versions before 6. Click "reload the page to see your changes". Then click the big power button to whitelist the current web site, and its state will be remembered next time you visit the forex site. Then reload the page. Thank you for supporting independent.
BANKS ADMIT TO FOREX MANIPULATION - Banks Fined $5.7 Billion over Foreign Exchange Rigging
BANKS ADMIT TO FOREX MANIPULATION - Banks Fined $5.7 Billion over Foreign Exchange Rigging
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