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Traders Rigged Currency Rates To Profit Off Clients

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This is a lengthy, and, I suspect, carefully edited article, with no source that I can link to.

It seems more an account of how traders try and time the market to their advantage, rather than a sophisticated conspiracy expose.

The whole article is littered with pointers to the risks involved. At the time of writing it has all the hallmarks of a non story, especially as nobody has broken any rules.

The fact that there are no rules to break should have been the story.

The main problem with articles such as this, is that the misrepresentations have gone around the world a dozen times before the facts have put their boots on.

Edit, got it on Bloomberg

..._

Edited by DiggerUK

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"It may be difficult to prosecute traders for market manipulation"

This is as good an epitaph as any for the headstone to be placed on our financial graves.

That's all we needed to know. :lol:

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you nailed it.no laws broken,voluntary code etc.joke....

I think that's the problem. There should be laws and rules governing how the bankers deal with other people's money. And jail for those who break those laws.

Mmm. Dream on. TPTB are too cozy with the bankers. The little guy is fooked.

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Cameron says "we must get behind our bankers and move on"

Boris says "I love bankers even more than Dave, they're ace!"

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Cameron says "we must get behind our bankers and move on"

Boris says "I love bankers even more than Dave, they're ace!"

..and Labour quietly agree.

Who do you vote for to change this?

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If I hire you to sell my car for me and you sell it to a friend for less than it's worth and pocket the difference then you've committed fraud.

There may be no bank rules to break, but if traders operated against their customer best interests then it would certainly be fraud and they would be liable for any losses.

This is one of those scandals that has a chance of spinning out of control.

If a test case goes through and the banks lose they could face possibly paying out compensation for every currency transaction in the last decade.

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If I hire you to sell my car for me and you sell it to a friend for less than it's worth and pocket the difference then you've committed fraud.

There may be no bank rules to break, but if traders operated against their customer best interests then it would certainly be fraud and they would be liable for any losses.

This is one of those scandals that has a chance of spinning out of control.

If a test case goes through and the banks lose they could face possibly paying out compensation for every currency transaction in the last decade.

Yes, there are balnket laws to cover almost everything. Earlier law in particualr was written well, easy to understand and clear to carry out.

The only thing missing is a willingness to use the law against fraudsters. Too many have had a free pass in gaming the market and the economy and still do.

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If I hire you to sell my car for me and you sell it to a friend for less than it's worth and pocket the difference then you've committed fraud.

There may be no bank rules to break, but if traders operated against their customer best interests then it would certainly be fraud and they would be liable for any losses.

This is one of those scandals that has a chance of spinning out of control.

If a test case goes through and the banks lose they could face possibly paying out compensation for every currency transaction in the last decade.

Yeah, problem is the prosecuting authorities. The City has a special regulator which does nothing, and then the hot potato gets passed around.

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All the professions with the exception of banking have their own standards of ethics and conduct to which their members are obliged to conform, or else risk censure and being professionally de-registered. Even builders and hairdressers are bound by the Supply of Goods and Services Act. Perhaps its because the essence of investment banking is exploitation?

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  • 239 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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