The Story Five of the world’s biggest banks are to pay fines totalling £2bn after both US and UK regulators revealed traders had been attempting to fiddle crucial Foreign Exchange (Forex) benchmarks from 2008 to 2013, which are key to international trade and the integrity of the UK financial system. The scandal has been billed as more serious than the manipulation of Libor interest rates that rocked London two years ago. Whats been happening? Since 2008, traders at Royal Bank of Scotland, HSBC, Bank of America, Citibank, JP Morgan and UBS have been trying to boost their employers’ profits by secretly sharing client information in an attempt to manipulate the foreign exchange rates used to price many deals in the Forex markets, where $5 trillion is traded each day.
Posted on: Thu, 27 Nov 2014 18:59:14 +0000
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