Shocked people? Really, get a
grip. Traders at some of the world’s
biggest banks manipulated benchmark foreign-exchange rates used to set the
value of trillions of dollars of investments, five dealers with knowledge of
the practice told Bloomberg.
.
Employees have been front-running client orders and rigging
WM/Reuters rates by pushing through trades before and during the 60-second
windows when the benchmarks are set, said the current and former traders, who
requested anonymity because the practice is controversial. Dealers colluded
with counterparts to boost chances of moving the rates, said two of the people,
who worked in the industry for a total of more than 20 years.
The behavior occurred daily in the spot foreign-exchange
market and has been going on for at least a decade, affecting the value of
funds and derivatives, the two traders said. The Financial Conduct Authority, Britain ’s
markets supervisor, is considering opening a probe into potential manipulation
of the rate. Whatevs…..
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