Is forex market controlled by someone? - page 34
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Oh my God, reading this thread make me afraid to trade in forex. In some forums also said that some broker manipulate their market movement and cheating their clients.
I think, when we want to trade in a broker, let's look for review about broker. Some broker indeed manipulate market movement, but there are still hones brokers.
What a BS Everybody in the whole wide world knows how HFT is used to control the market. You can read it at any web site. Spying to find out how to use HFT for that is the stupidest excuse FBI could find for doing what they did.
Is The US Preparing To Blame The Next Market Crash On "Russian Spies
Worse, when the supposed originator of this line of inquiry is none other than the modern KGB i.e., the Foreign Intelligence Service, i.e. the SVR, because as the FBI special agent on the case says "SPORYSHEV said that a request came down from leadership, which I believe to be a reference to the SVR leadership, to pass three questions regarding the New York Stock Exchange to the News Organization", one has to wonder if the Russian KGB couldn't just open a blog - say this one - or even read a book - say that of Michael Lewis' - to understand all they need to know about just how "robots" and "E-T-Fs" destabilize markets. No, they had to use a network of spies to get to the bottom of just how rigged the market is.
So we will leave aside questions of just what this supposed spy bust is supposed to achieve, with the FBI having now exposed a ground-level apparatchik, who clearly knows nothingand needs pointers on "trading robots", and ending the FBI's ability to trail his activities in the future as well as to potentially get to his superiors - which is always the main prerogative in spy cases such as this one - one thing has become abundantly clear: the scapegoating plan for the "blame game" once the next, devastating, market crash takes place, will be simple: first, blame the E-T-Fs and the "trading robots" for the destabilization (but not the central banks, never the central banks), and then, just to kill all birds with one stone: blame it on the Russian spies.
Sadly, yes: bad B-grade movie scripts from the 80's is just how one would describe the current administration (complete lack of) imagination and foresight. Then again, what else can one expect when none other than the president relied on the "stupidity of the American voter" to pass his career-defining "Affordable" Care Act?
Is The US Preparing To Blame The Next Market Crash On "Russian Spies
Yep
The usual FBI+CIA+NSA+Davos bosses signature is all over it
U.S. must target currency manipulation in trade deals -senator
The Obama administration must insist that U.S. trading partners pledge not to manipulate currencies when negotiating trade deals, the Senate Committee on Finance chairman said on Friday.
In a speech laying out his conditions for supporting trade deals, Republican Orrin Hatch said addressing currency concerns was key to winning lawmakers' support for a bill to fast-track trade agreements through Congress, and deals such as the Trans-Pacific Partnership.
"Pretending these concerns don't exist will not suffice," he told the American Enterprise Institute.
"The administration must engage much more effectively with Congress on this issue if they want to receive strong support for TPA (trade promotion authority) and any subsequent trade agreements."
Lawmakers from both parties are pushing the U.S. administration to take a stronger stand against trading partners which seek to gain an edge with a weaker currency, which makes their exports cheaper. But President Barack Obama told House Democrats on Thursday that including provisions against currency manipulation in deals currently under negotiation was unworkable, one member of Congress who was in the room said.
The administration is close to sealing a trade pact with 11 Asia-Pacific trading partners, the Trans-Pacific Partnership (TPP), and is also negotiating a deal with the European Union. U.S. Trade Representative Michael Froman said on Tuesday Treasury had the lead on currency issues.
Hatch said he expected that the fundamentals of a TPA bill to be introduced soon would be "substantially the same" as legislation drafted last year, which never progressed to a vote.
The bill allows lawmakers to set negotiating objectives for trade deals in exchange for a yes-or-no vote on the final deal, without amendments.
Hatch said he would not support any trade deals which did not include strong intellectual property protections.
Other conditions included investor-state dispute settlement provisions; no barriers to digital trade, and the elimination of tariffs on U.S. exports of goods, services and agricultural products.
read more
JPMorgan is about to shell out $99.5 million to settle a currency rigging lawsuit
JPMorgan Chase & Co, the largest U.S. bank, agreed to pay $99.5 million to settle its portion of an antitrust lawsuit in which investors accuse 12 major banks of rigging prices in the $5.3 trillion-a-day foreign exchange market.
Made public on Friday night, the settlement is the first in the nationwide litigation and resolved claims over JPMorgan's role in alleged collusion among banks since January 2003 to manipulate the WM/Reuters Closing Spot Rates, known as the Fix.
It followed the New York-based bank's agreements last November to pay roughly $1 billion in civil penalties to resolve related claims by U.S. and European regulators.
Investors including hedge funds, pension funds and the city of Philadelphia accused the 12 banks, which controlled 84 percent of the global currency trading market, of having impeded competition by conspiring to manipulate the Fix in chat rooms, instant messages and emails.
The JPMorgan settlement could form a basis for other settlements. It followed mediation with Kenneth Feinberg, a lawyer who also oversees General Motors Co's program to compensate drivers over faulty vehicle ignition switches.
In an affidavit, Feinberg called the JPMorgan settlement fair, reasonable and adequate.
"Although such analysis is preliminary, it does appear to be consistent with Class Lead Counsel's evaluation of JPMorgan's role in the FX market and JPMorgan's market share over the class period (6%)," he said.
JPMorgan did not admit wrongdoing, and the settlement requires court approval. The bank did not immediately respond on Saturday to a request for comment.
The other bank defendants include Bank of America Corp, Barclays Plc, BNP Paribas SA, Citigroup Inc, Credit Suisse Group AG, Deutsche Bank AG, Goldman Sachs Group Inc, HSBC Holdings Plc, Morgan Stanley, Royal Bank of Scotland Group Plc and UBS AG.
On Wednesday, U.S. District Judge Lorna Schofield in Manhattan refused to dismiss currency-rigging claims against them. Five of those banks have also settled with regulators.
The $99.5 million payment includes $500,000 for notices and administration. Lawyers for the plaintiffs, led by Hausfeld LLP and Scott & Scott, plan to seek legal fees of up to 30 percent of the settlement funds, court papers show.
The case is In re: Foreign Exchange Benchmark Rates Antitrust Litigation, U.S. District Court, Southern District of New York, No. 13-07789.
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It cannot be. Pragmatically, it is an international market and anyone does not the capacity to control the market with surely. Consequently, there is not a soul who can forecast the real faction of market with undoubtedly. By the way, Now my trading life is so much well-informed with ‘ProfiForex’ so I can sometimes predict the accurate movement of market. In addition, for understanding market faction I use economic calendar which is available here.
Payout to Madoff victims tops $7.2 billion
The trustee liquidating Bernard Madoff's firm on Monday said he is distributing another $355.8 million to the swindler's victims, bringing the total payout to more than $7.2 billion.
Irving Picard, the trustee, said the payout began on Feb. 6, and covers claims by fraud victims with 1,077 accounts at the former Bernard L. Madoff Investment Securities LLC. Claimants will receive between $431 to $67.1 million.
Most of the payout comes from November settlements with the Herald, Primeo and Senator "feeder funds," which Picard accused of sending customer money to Madoff to further his Ponzi scheme.
The trustee said claimants on 1,160, or 52 percent, of the 2,216 accounts where he found valid claims have been fully paid.
Madoff, 76, is serving a 150-year prison term after pleading guilty to running a decades-long fraud that was uncovered in December 2008.
The $7.2 billion payout includes $823.7 million advanced by the Securities Investor Protection Corp, which helps liquidate failed brokerages.
Picard has recouped roughly $10.55 billion for Madoff victims, or about 60 percent of the estimated $17.5 billion of principal he estimates they lost.
Some of that money has been held back because of pending litigation, including by former Madoff customers who challenge Picard's authority to block their competing claims.
Picard has filed more than 1,000 lawsuits against feeder funds, and former customers he has labeled "net winners" because they took out more from Madoff's firm than they put in.
Through Sept. 30, 2014, law firms, consultants and other professionals had billed $1.01 billion in fees and expenses to recoup money for Madoff's victims, court papers show.
Federal bankruptcy judges have so far approved more than $601 million of payments, largely comprising fees, to Picard's law firm Baker & Hostetler.
Former U.S. Securities and Exchange Commission Chairman Richard Breeden oversees a separate $4.05 billion fund to compensate customers and third parties who lost money because of Madoff.
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ECB and FED would like to think that they are controlling it. It starts to be clear that they have no control at all - fiat money can not control anything for a long time
U.S. whistleblower summoned to testify in UBS case in France
A former UBS AG banker who helped U.S. authorities prosecute the Swiss bank in a tax fraud case has asked for permission to travel to France to comply with a subpoena in another investigation of the company, according a court document.
Bradley Birkenfeld, who received more than $100 million for being a whistleblower but also served 30 months in prison in the U.S. case, has been subpoenaed to take part in the French case later this month, according to a motion his lawyer filed in the U.S. District Court of Southern Florida.
Birkenfeld, who pleaded guilty in 2008 to conspiring to defraud the United States, remains on supervised release from prison. He must have court permission to go to Paris to appear before a judge on Feb. 27 in the French UBS investigation.
In December, Birkenfeld, who lives in New Hampshire, had asked the court to allow him to move to Europe, but the Justice Department had recommended against it. The new motion, which was first reported by the Wall Street Journal, said Justice Department lawyer Mark Daly had agreed to allow him to make the trip to France.
Birkenfeld's tips led UBS to settle with U.S. regulators in 2009 for $780 million in fines, penalties, interest and restitution, but he went to prison after the government said that he had withheld information. UBS had been accused of helping thousands of wealthy Americans hide billions of dollars in secret Swiss accounts, and the U.S. case led to investigations of other banks.
He received a record $104 million reward under an Internal Revenue Service whistleblower program. One of Birkenfeld's lawyers said his information brought in $5 billion in taxes from banks and individuals.
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Invaluable information. I didn't know this too. Now I know.