Is forex market controlled by someone? - page 11
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Interesting article : Wall Street’s Culture of Corruption: Forex Markets Manipulated Too, NYT Reports | Daily Ticker - Yahoo Finance
I do not think that market works on certain rules and regulations , It moves iregularly , may be there will some rules they follow on management level. If it follow on rules all people can make sure money be knowing these rules .
I do not think that market works on certain rules and regulations , It moves iregularly , may be there will some rules they follow on management level. If it follow on rules all people can make sure money be knowing these rules .
Trying to understand what is told. I can not (understand)
The fact is that they are paying billions of $ in fines for rigging rates and all sorts of "mischief" from their left pocket (money used to pay the fines is probably from what they "earned" controlling forex market). Do we like it or not, does not matter, they contol it. We are simply used as a buffer from which they take what they can
Banks knew of unusual currency trading at a key period during the trading day four years before regulators began investigating manipulation of the so-called "London fix".
The 'London Fix' is an important rate set by counting currency trades over a one-minute period at 4pm.
Reports seen by the BBC show how bank analysts had noticed sharp movements in exchange rates.
Banks even warned their clients about trading at that time.
Rate manipulation
Analysts warned trading at 4pm could have a 'debilitating' effect on investments, costing up to 5% annually.
The London fix is widely used by pension funds and other investors to value portfolios and set a price for deals.
Separate rates are calculated for each pair of currencies, such as the Euro and US Dollar, or the Pound and the US Dollar.
The rates hit the headlines in October, when Barclays suspended six traders, and RBS suspended two traders in connection with the regulators' inquiry. Fifteen banks have been contacted about this issue, including Citigroup, Deutsche Bank and UBS. At this time no-one is formally accused of wrongdoing.
The suggestion is that traders colluded to push through high volumes of trades in the run-up to and during the window to influence rates.
'Surprising revelation'
But research by Morgan Stanley and seen by the BBC shows that banks were already concerned about the London fix in 2009 - four years before the investigations were announced.
It noted unusually sharp movements in exchange rates around 4pm, concluding that anyone trading at that time is unlikely to get the best possible deal available that day, increasing the costs of currency trades.
It calls this a "surprising revelation," since the "prevailing consensus" is that the 4pm London fix is the "optimal" time to trade.
Though small, these added costs can mount up significantly over a year's trading.
"In the worst case scenarios, these costs can even begin to have a debilitating effect on annual performance," says the report, entitled 'A Guide to FX Transaction Cost Analysis, Part 1'.
These conclusions are based on an analysis of real data for the US Dollar/Euro exchange rates. The report speculates that the impact could be even worse on less widely traded pairs of currencies.
read moreHoaaaa...suprising...thx for teh info
Alleged SAC Insider Trader Was Expelled From Harvard Law For Grade Falsification
The Wolf of Wall Street would be proud. Mathew Martoma, the alleged SAC Capital trader at the center of the largest insider trading scheme ever, was, Dealbook reports, expelled from Harvard Law School in 1999 for a false transcript of his grades. While Mr. Martoma's lawyer tried to keep court papers under cover, a summary on the court docketing system shows the judge ordered them unsealed. "Veritas" indeed...
Via Dealbook,"Veritas" indeed...
source
pales in comparison to JPM's recent fines though...........
• June 2010: $48.6 million fine – Commingling JPM and client funds in London.
• April 2011: $56 million fine - Overcharging or wrongfully foreclosing on active-duty military personnel.
• June 2011: $153.6 million fine – Failed to inform buyers of CDOs it sold that a hedge fund assisted picking and bet against those CDOs.
• July 2011: $228 million – Fraudulently rigged at least 93 municipal bond transactions in 31 states!
• August 2011: $88.3 million fine – Conducted transactions with people or entities tied to Iran, Sudan, Cuba, and Liberia.
• February 2012: $5.29 BILLION fine – Settled what was called years of “shoddy loan servicing, illegal robo-signing, and faulty foreclosure processing.”
• February 2012: $110 million fine – Charged unwarranted overdraft fees.
• March 2012: $150 million fine – Settled with pension funds and other investors for post-2008 shady investment deals.
• April 2012: $20 million – Improperly extended credit to Lehman Brothers based in part on customer funds that were required to be kept separate.
• August 2012: $1.2 billion – Conspired to set the price of credit and debit card interchange fees.
• November 2012: $296.9 million fine – Misleading investors about the quality of mortgages that underlay mortgage-backed securities it sold.
• January 2013: $1.8 BILLION fine – Fined over “robo-signing” and other alleged abuses of the foreclosure process.
• March 2013: $100 million fine – Mishandling of the MF Global account that went bankrupt thanks to Jon Corzine, who is also not in jail.
• July 2013: $410 million fine – Manipulating energy prices!
• Sept. 2013: $389 million – Unfair billing practices (2.1 mln customers) that charged for credit monitoring services they did not receive.
• Sept. 2013: $920 million – The "London Whale" disaster clearly broke many rules and regulations that JPM ignores.
• Sept. 2013: $13 BILLION – Record deal to end U.S. probes of its mortgage-bond sales.
• Jan 2014: $2.6 BILLION – Acknowledged that it ignored red flags for about 15 years that Madoff used his account to run a fraud!
• Jan 2014: $350 million – Widespread deficiencies in the bank’s BSA and anti-money laundering compliance programs.
total $27,210,400.00.
hmm who's the worst again here
i say good on Steve Cohen, if you cant beat them join em
SAC did n't blatantly rob or harm others (as far as i'm aware) just used a few tips to make a few dollars
As for the Forex market being rigged, most now know that it is, after recent events
The Euro and other currencies were somehow running on Christmas day, so who was controlling or trading them?
the only answer is super computers as its not humans trading Christmas day
so are we to believe they turn off the super computers for every day apart from Christmas day
Dimon is a special case : nobody can steal as much as he can. He is the master of the thieves. Uber-thief
........Demon?
Dimon is a special case : nobody can steal as much as he can. He is the master of the thieves. Uber-thief
They are only the ones they actually got caught and fined for
maybe 5 or 10% ? of the true crimes
I do not think Forex market can be controlled by someone else. The market is so big and its global so no one can really control and manipulate it. Even the Forex traders cannot control it. But there are regulatory bodies overseeing the Forex market depending on the country and state.