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Us Regulator Widens Probe Into Banks’ Currency Rigging

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http://www.independent.co.uk/news/business/news/us-regulator-widens-probe--into-banks-currency-rigging-10037599.html

US regulators are expanding their investigation into foreign exchange rigging as they examine whether clients of big banks such as Barclays could have lost out in currency deals because of the way their electronic trading platforms were set up.

News that Benjamin Lawsky, New York’s superintendent of financial services, has subpoenaed more banks came as the Department of Justice is reportedly raising the pressure on Barclays, Royal Bank of Scotland and other banks to plead guilty to separate criminal charges of forex manipulation.

Neither the DoJ nor Mr Lawsky’s New York banking regulator took part in last November’s settlement involving authorities in the US, UK and Switzerland; six banks were fined more than $4bn after it was alleged their traders had rigged benchmarks used in the forex markets. RBS paid out $643m to reach a settlement with the UK’s Financial Conduct Authority and the US Commodity Futures Trading Commission, but Barclays pulled out of the talks at the last minute, amid concerns that further action from US regulators was still pending.

The New York regulator widened its inquiries after discovering that algorithms used in the computer programs on banks’ electronic platforms allowed for a “latency period” between the making and the acceptance of an offer. Mr Lawsky is believed to be examining whether these computer platforms could have allowed the banks to trade using knowledge of pending orders from institutional clients, an illegal practice known as front running.

Will the customers be getting a refund???

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light touch really worked.

Banks have to be held down in a stranglehold before they will behave.

They should have a taser button at the FCA....stun a bank a day.

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  • 404 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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