Worth reading:
http://www.businessweek.com/articles...xchange-market
Readers of this thread will exhibit no surprise.
http://www.businessweek.com/articles...xchange-market
QuoteDislikedWhile hundreds of firms participate in the foreign exchange market, four banks dominate, according to a May survey by Euromoney Institutional Investor (ERM): Deutsche Bank (DB), Citigroup (C), Barclays (BCS), and UBS (UBS) have a combined share of 50.4 percent. The five traders interviewed by Bloomberg declined to identify which banks engaged in manipulative practices and didn’t specifically allege that any of the top four companies were involved. Spokesmen for Barclays, Citigroup, Deutsche Bank, and UBS declined to comment.
One of Europe’s largest money managers has complained about possible manipulation of foreign exchange rates to British regulators within the past 12 months, according to a person with knowledge of the matter who asked that neither he nor the firm be identified because he wasn’t authorized to speak publicly. While U.K. regulators require dealers to act with integrity and avoid conflicts, there are no specific rules or agencies governing spot foreign exchange trading in Britain or the U.S.
Readers of this thread will exhibit no surprise.