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Forex Manipulation, 5 Banks Fined

LONDON / ZURICH. Again, the bank proved to manipulate transaction snapper. Global bank credibility back tarnished after regulators prove the practice of manipulation of money market transactions (forex). There are five jumbo entangled bank forex transactions manipulation case. They are UBS, HSBC, Citigroup, Royal Bank of Scotland (RBS) and JP Morgan. Details, UBS, HSBC, and Citigroup guilty for failing to prevent the practice of manipulation of forex transactions.

Meanwhile, RBS and JP Morganbersalah due to fraudulent practices in determining the price of the reference (benchmark) currency. Thus, the regulator requires the five banks that pay a fine of US $ 3.4 billion. These fines shall be paid billions of dollars to the Monetary Authority of British banks (FCA), Commodity Trading Commission (CFTC) and the Financial Regulator Switzerland (FINMA). This penalty verdict is the result of a joint investigation authorities over the last year.

"This marks a fine record that the bank should be responsible to ensure no manipulation of transactions," said CEO of FCA, Martin Wheatley, Wednesday (12/11). Of the five banks, UBS suffered the most substantial fines. UBS had to pay US $ 661 million to the FCA and the CFTC. Separately, FINMA requires UBS to pay CHF 134 million for manipulating find UBS trader of precious metals transactions.

Has not ended

Bank credibility is at stake. Because the regulator continues to seek new evidence. Barclays is rumored to be the next target. British banks still are still under investigation FCA. "The fine is not the end of the story," said Wheatley. Just so you know, a fine of US $ 3.4 billion, regulators imposed on the investigation on forex transactions from 1 January 2008 until October 15, 2013.

CFTC said traders manipulation performed in the period 2009 to tahun2012. The findings of the regulators, traders manipulating transactions via the chat room. Trader using a special code to inform the client name. A number of chat rooms that use them, "the players", "the three musketeers" and "one team, one dream".

After penalties, regulators reviewing the rules in the forex market. As an illustration, the world forex market transactions reached US $ 5.3 trillion per day. As many as 40% of the total transactions in the market of London. Practice manipulation was never lonely. March 2014, five banks are also accused of manipulating the price of gold in London.
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