Stage3Alpha:
THE WORLD WIDE FOREX PROBE MAP!!!!!! (COUNTRY BY COUNTRY
INVESTIGATIONS)
Posted by EXOGEN on November 1, 2014 at 8:49am
EXOGEN THIS MAP WILL GIVE YOU A GOOD IDEA OF WHAT IS
REALLY GOING ON
WHAT IS THE FOREX PROBE? (DETAILED EXPLANATION)
Posted by EXOGEN on November 1, 2014 at 8:46am Forex scandal
From Wikipedia, the free encyclopedia
....
The forex scandal (also known as the forex probe) is a
financial scandal that involves the revelation, and subsequent investigation,
that the world's largest currency trading banks colluded for at least a decade
to manipulate and rig the daily foreign exchange rates..
[1] Market regulators in Asia, Switzerland, the United
Kingdom, and the United States began to investigate the $5.3 trillion-a-day
foreign-exchange market after Bloomberg News reported in June 2013 that
currency dealers said they had been front-running client orders and rigging the
foreign exchange benchmark WM/Reuters rates by colluding with counterparts and
pushing through trades before and during the 60-second windows when the
benchmark rates are set.
The behavior occurred daily in the spot foreign-exchange
market and went on for at least a decade according to currency traders.[2]
At the center of the investigation are the transcripts of
electronic chatrooms in which senior currency traders discussed with their
competitors at other banks the types and volume of the trades they planned to
place.
The electronic chatrooms had names such as “The Cartel,”
“The Bandits’ Club,” “One Team, One Dream” and “The Mafia”.[3][4] The
discussions in the chatrooms were interspersed with jokes about manipulating
the forex market and repeated references to alcohol, drugs, and women.
[5] Regulators are particularly focusing in on one small
exclusive chatroom which was variously called the The Cartel or The Mafia.
The chatroom was used by some of the most influential
traders in London and membership in the chatroom was highly sought after.
Among The Cartel's members were Richard Usher, a former
Royal Bank of Scotland (RBS) senior trader who went to JPMorgan as head of spot
foreign exchange trading in 2010, Rohan Ramchandani, Citigroup’s head of
European spot trading, Matt Gardiner, who joined Standard Chartered after
working at UBS and Barclays, and Chris Ashton, head of voice spot trading at
Barclays.
Two of these senior traders, Richard Usher and Rohan
Ramchandani, are members of the 13-member Bank of England Joint Standing
Committee's chief dealers group.[6]
At least 15 banks including Barclays, HSBC, and Goldman
Sachs disclosed investigations by regulators.
Barclays, Citigroup, and JPMorgan Chase all suspended or
placed on leave senior currency traders.
Deutsche Bank, continental Europe’s largest lender,
was also cooperating with requests for information from regulators.[7]
6] Barclays, Citigroup, Deutshce Bank, HSBC, JPMorgan Chase,
Lloyds, RBS, Standard Chartered, and UBS as of February 2014 had suspended,
placed on leave, or fired 21 traders.
[8][9][10] Citigroup had also fired its head of European
spot foreign exchange trading, Rohan Ramchandani, who was a member of the
13-member Bank of England Joint Standing Committee's chief dealers group.
[11] Reuters reported hundreds of traders around the world
could be implicated in the scandal.[12]
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