Forex: the next big scandal to hit banks after Libor manipulation?
By Paul Spibey and Tom Filby
The last two years have seen Libor manipulation or rate fixing at the centre of a scandal that emerged in the US and crossed the Atlantic to the UK, prompting regulatory investigations and hefty penalties from the Financial Conduct Authority (FCA). Globally, the Libor scandal has to date cost banks and their insurers almost €6bn (£5bn) in regulatory fines, and allegations of Libor manipulation have found favour with some claimants in UK litigation.
This year, the new scandal to emerge in the UK from across the Atlantic is that of the foreign exchange (Forex) manipulation. It is alleged that some major banks have been sharing information about orders from their clients in order to manipulate the daily benchmark price of global currencies on the Forex market…
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