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purbani
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Posts: 89
Joined: July 14th, 2002, 3:00 am

FX Manipulation Probe

March 10th, 2014, 9:47 am

More than 25 FX Dealers including Heads of Dept, 'resigned', suspended or fired in past two months. No one has yet been charged with any wrongdoing, but last year's international investigation into Libor manipulation saw 10 financial firms fined $6 billion and 13 individuals charged. Martin Wheatley, chief executive of Britain's financial watchdog, said last month that the allegations in the FX probe were "every bit as bad" as Libor, but warned that it would likely be next year before he is able to publish the findings of his review.I know this may be a bit close to home but has anyone seen any sort of research trying to dimension the size of potential damages / fines vis a vis banks and this latest own goal yet ?
 
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purbani
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Posts: 89
Joined: July 14th, 2002, 3:00 am

FX Manipulation Probe

March 10th, 2014, 10:31 am

"This feels like a $20bn-$30bn dollar issue," said Christopher Wheeler, analyst at Mediobanca FT Article
Last edited by purbani on March 9th, 2014, 11:00 pm, edited 1 time in total.
 
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rmax
Posts: 6080
Joined: December 8th, 2005, 9:31 am

FX Manipulation Probe

March 10th, 2014, 10:33 am

Not across firms.
 
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purbani
Topic Author
Posts: 89
Joined: July 14th, 2002, 3:00 am

FX Manipulation Probe

March 10th, 2014, 10:41 am

Back of an envelope calc assuming a $5tn a day market and 2bp over/under gets you to $200bn pretty easily but that number too scary for all probably including the regulators. Can't have been going on on every trade either.
 
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katastrofa
Posts: 9221
Joined: August 16th, 2007, 5:36 am
Location: Alpha Centauri

FX Manipulation Probe

March 10th, 2014, 12:43 pm

I wonder if these investigations explain the recent series of banking suicides.
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