LONDON AP — Trillions of dollars forex hands every day in the global foreign-exchange markets. Major currencies like dollars, euros and yen are traded in a scantly regulated market dominated by a group of elite banks. Regulators in the U. As a result, traders were able to form groups that shared information and sought to manipulate the market. The scandal could become even bigger than the one surrounding the rigging of the London interbank offered trading, or LIBOR, which resulted scandal billions in fines for the banks implicated. Experts say that because the forex probe goes to the integrity of the markets, rather than just a single scandal, it could have greater repercussions. Jeffrey Bergstrand, University of Notre Dame finance professor and former Federal Reserve economist, says it is possible the case will result in tougher regulations for the markets — but that it would have to be coordinated internationally. It's like the lesson is still not being learned. This raises a legitimate question: Are they too big to fail? The Swiss Financial Market Supervisory Authority, the U. Commodity Futures Trading Commission, and the U. Financial Conduct Authority levied the fines announced Wednesday. Department trading Justice, the U. Serious Fraud Office, Swiss Competition Commission and the Hong Kong Monetary Authority are also investigating. The three British also set aside millions. Regulators forex that the manipulation occurred between Jan. The scandal touched the Bank of England earlier this year, when forex suspended an employee and launched a sweeping investigation trading examined 15, emails, forex, Bloomberg and Reuters chat room records and 40 hours of telephone recordings. Results of the Bank of England's investigation released Wednesday showed that trading bank's chief foreign forex dealer was aware that trading traders scandal sharing information from at least May 16, From at least Nov. Forex was "an error of judgment," but the chief dealer was not involved in any unlawful behavior, the investigation found. A look at forex trading scandal By Associated Press Published: Bing Site Web Enter search term: DON'T MISS Camilla's side of the story: Her love affair with Prince Charles rocked the monarchy. Now friends reveal her side of their turbulent relationship 'Pregnant' Abbey Clancy sizzles in skimpy bikini as she packs on the PDA with husband Peter Crouch trading Mallorca Miles Teller's scandal girlfriend Keleigh Sperry shows off her impressive beach body in skimpy blue bikini during Miami getaway PICTURE EXCLUSIVE: Mick Jagger, 73, scandal up to girlfriend Melanie Hamrick, 29, during dinner in New York As a tortured Ant enters rehab, the troubling truth about TV's best loved double act - and the tensions that could tear them apart Keeping up with Scott! Klum's boyfriend Vito Schabel pictured passionately kissing mystery brunette in Trading Jemma Lucy puts on an eye-popping display as she clutches her ample assets in skintight dress during night out in Scandal Cooey! Ecstatic Fergie can't contain her excitement as she greets the Queen scandal Ascot - as order is restored by glamorous racegoers adverts. Back to top Home News U. Sitemap Archive Video Archive Topics Index Mobile Apps Forex RSS Text-based site Reader Prints Our Papers Top of page Daily Mail Mail on Sunday This is Money Metro Jobsite Mail Travel Zoopla.
Forex fixing scandal: Big banks fined $6 billion for manipulating foreign exchange rates
Forex fixing scandal: Big banks fined $6 billion for manipulating foreign exchange rates
Since an excessively low price of sugar would have caused high public consumption, production was directly ordered to be cut, and consumption by the public was severely rationed.
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It would be like running over someone and calling it genocide.
Since an excessively low price of sugar would have caused high public consumption, production was directly ordered to be cut, and consumption by the public was severely rationed.
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