Abstract
Until recently, the global foreign exchange (FX) markets were subject to surprisingly
few allegations of manipulative or collusive practices in comparison to, say, the
equity and commodity markets. This relatively clean bill of health was radically
changed in June 2013, when three Bloomberg journalists published an article with the headline ‘Traders Said to Rig Currency Rates to Profit Off Clients’ (Vaughan, Finch and Choudhury, 2013). It strongly suggested that there was a widespread culture involving traders manipulating and colluding in the FX market – to the detriment of the banks’ clients and other market participants.
few allegations of manipulative or collusive practices in comparison to, say, the
equity and commodity markets. This relatively clean bill of health was radically
changed in June 2013, when three Bloomberg journalists published an article with the headline ‘Traders Said to Rig Currency Rates to Profit Off Clients’ (Vaughan, Finch and Choudhury, 2013). It strongly suggested that there was a widespread culture involving traders manipulating and colluding in the FX market – to the detriment of the banks’ clients and other market participants.
| Original language | English |
|---|---|
| Title of host publication | Corruption and Fraud in Financial Markets: Malpractice, Misconduct and Manipulation |
| Editors | Carol Alexander, Douglas Cumming |
| Publisher | Wiley |
| Chapter | 7 |
| ISBN (Print) | 978-1-119-42177-1 |
| Publication status | Published - 1 May 2020 |