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Anatomy of an FX Manipulation
The CFTC in the U.S. and the FCA in the U.K. have released more details of the conversations that took place in online chat-rooms between FX traders attempting to manipulate foreign exchange benchmark rates. The chats outline how the attempt to manipulate rates took place. Here's an example with the ruble: “we should all lower fix by several kopecks” “yes.” “it is a right idea to lower the fix by a few kopecks.” “so what, 5 kopecks and all/everyone is splendid.” After this conversation an artificially low indicative bid and offer was submitted to the CME which was used to calculate the final CME/EMTA ... (full story)
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