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Sterling Lads' Chats Show FX Traders Matching Fix Orders
“Any fix quid?” a currency trader at Barclays Plc asked a counterpart at HSBC Holdings Plc at 2:25 p.m. on June 23, 2011. “Get 50 cable on fix,” he said as he tried to sell British pounds. “Nothing as of yet mate,” replied the HSBC trader, according to a transcript of the “Sterling Lads” instant-message group provided to Bloomberg News by a person with knowledge of a global investigation into alleged currency-rate rigging. “I hope not either, as everything I touched today has cost me money. I just lost 10k there typing.” Opaque conversations such as this are at the heart of the probe into ... (full story)