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You do not know the behind-the-scenes foreign exchange trader chat room those things

London, 4 p.m. 20 m rebate cashback forexexbrokerutes before the market close on the foreign ForexRapidRebate trader screen red Forex Rapid Rebate green characters flashing constantly in the four as if shield cover-like screen, some rebateforex up to 50 chat room at the same time sales staff and customers chat messages, a steady stream of new information popped up behind the replacement, soon d rebateforexfeeappeared from sight intercom system The sound of traders placing orders on the intercom system is incessant This is just a silhouette of the London foreign exchange market every afternoon before the fixing of the time required to fix the market is insignificant throughout the day, yet every day at this time, foreign exchange traders will easily carry out billions of dollars of transactions  According to the Bank for International Settlements, the regulatory vacuum of the foreign exchange market turnover of up to 5.3 trillion dollars a day The worlds most heavily traded market is the fixing session of foreign exchange transactions will help determine the benchmark WM/Reuters rate, the latter is the global pension funds, savings institutions, money funds hold a total of more than 3.6 trillion dollars of index funds pricing benchmark From Bern to Washington, regulators around the world are investigating the behavior of bank traders Bloomberg News in June last year was the first to report in June that a handful of senior traders at several major banks had information on their computer screens that should not have been available ---- details of their respective clients trading orders Multiple sources revealed that traders at JPMorgan Chase, Citigroup, UBS, Barclays and other institutions may have been manipulating foreign exchange prices through such resource sharing to maximize profits Former Delaware Democratic Senator TedKaufman said: This is a market without legal constraints, people turn a blind eye to violations, we have been talking about the banks ‘too big to fail’ problem, in fact, there is a phenomenon almost as important, that is, the banks ‘too big to manage’  According to people familiar with the matter, the network Chat rooms have become the core of regulatory investigations, like cartels, bandit gangs, the same team, the same dream, the mafia are chat room names, in such virtual spaces, traders exchange information on customer orders with each other and agree on how to trade during the fixing session a source said that some traders will participate in several chat rooms The matter of alleged collusion by traders is In a closed network environment, a handful of traders have the ability to distort global exchange rates to their own benefit, as evidenced by the level of employer and regulatory oversight WM/Reuters rates are priced based on the mid-price of all trades made in a 60-second window every month, at Billions of dollars of foreign exchange transactions will emerge as the WM/Reuters rate is priced at 4 p.m., meaning losses for pension and savings accounts worldwide The soundness of the market is critical to participants, affecting the daily asset valuations of public and private institutions like the $261 billion California Public Employees Retirement Fund, the $237 billion Scottish Widows Investment Partners Ltd. to the $4.1 trillion BlackRock and $1.2 trillion Japanese government pension investment funds are all affected Andre Spicer, a professor at Cass Business School in London who works on trader behavior, said such markets are much more likely to be manipulated by complicit behavior than by competitive behavior New York University Stern RosaAbrantes-Metz, a professor at New York Universitys Stern School of Business, argued that unlike stock and bond trading, which is regulated by the government, foreign exchange trading is not considered an investment and the foreign exchange market is not subject to specific regulations, making the market more susceptible to manipulation and abuse Abrantes-Metz said: If no one monitors these benchmark indices, and manipulation Abrantes-Metz said: If no one is monitoring these benchmark indices, and the manipulation of the indices may bring huge profits, the temptation to participate in such transactions will be great, even if the price difference is only a fraction of a percent, it is enough to make profits soar 2008 Abrantes-Metz a paper entitled Libor manipulation helped contribute to the global investigation of interbank lending rates In the case of exchange rate manipulation investigation, the regulatory authorities have a pile of financial scandals on the desk to be The list is still stretching, and includes bank manipulation of benchmark interest rate indicators such as ISDAfix and Libor, the benchmark for interest rate derivatives pricing Andrew Tyrie, chairman of the British Parliaments Banking Standards Committee and Treasury Select Committee, said some of the problems have existed for many years without anyone coming forward to speak out, which is unusual for these There is something very wrong in the culture of these institutions Bloomberg News reported last June that there was human manipulation in the foreign exchange market The report triggered internal investigations at various financial institutions Banks began examining millions of instant messages, emails and call records to probe whether there were attempts by employees to manipulate exchange rates In addition, the Bloomberg News report also triggered the UK Financial Conduct Authority (FCA), the European Union (FCA), the European Union, the Swiss Competition Commission, the U.S. Department of Justice investigation According to a person familiar with the matter, in addition to looking for evidence of trader collusion, the FCA is also investigating whether any of the traders traded privately before the completion of customer trading orders for personal gain Bloomberg News reported last November that, according to two people who witnessed the transactions, some traders used to pre-open positions in private accounts before clients trades were completed, or through friends accounts for personal gain so far there have been many forex traders suspended or banked on fake government-owned Royal Bank of Scotland handed over trader instant messaging records to regulators Deutsche Bank said it was working with regulators The sources said the UKs FCA had urged forex traders to come forward to go for an interview a source said at least 40 traders, including these traders, communication records were investigated another source said the investigation chat dating back to 2004 multiple sources familiar with the matter said the U.S. Department of Justice has issued subpoenas to banks a Justice Department spokesman noted in an email: the Criminal and Antitrust Division under the Department of Justice on possible exchange rate manipulation conducted an active investigation, related work is still in progress There has not been a trader or his bank has been accused of misconduct The investigation action caused shock throughout the banking industry UBS, Royal Bank of Scotland, Citigroup and Deutsche Bank people said the banks have banned traders from using multi-bank chat rooms a large European fund management company said investors in splitting trade orders into smaller orders to reduce the chances of traders jumping the gun by increasing the number of banks doing trades One concern of the investigation in this process is the relationship between the three senior traders in the cartel chat room ----RichardUsher, RohanRamchandani and MattGardiner---- Usher is from JPMorgan Chase, Ramchandani is from Citigroup and Matt Gardiner worked for Barclays and UBS EuromoneyInstitutionalInvestorPlc. A survey conducted by these four banks controlled more than 40% of the worlds foreign exchange transactions in 2013  According to Bloomberg interviews with those who are not members of the cartel chat room, they are eager to join the chat room, given the influence it can exert, they feel that access to this chat room is like getting a golden ticket Regulators are investigating whether the chat between the three traders constitute a conspiracy they can influence exchange rates and thus increase bank profits, allowing themselves to get more All this can be done with just a few keystrokes and the cartel chat room traders deny this, saying all they do is match buyers and sellers before the fixing price comes out They said that communication through the chat room can avoid trading at the time of the day when volatility is at its highest, thus keeping losses to a minimum the sources said that the three communicated through Bloomberg Information IB chat system for traders in the chat room jargon, jokes, exchange information, as if they do not know that people outside the circle can also read their chat transcripts According to two sources, Usher, Ramchandani, Gardiner and at least two traders for years to discuss customer trading information, and on the completion of trade orders The specific time to agree on, so as to maximize the possibility of swaying the 4 p.m. fixing price when the exchange rate moves in the direction they want, they will send a high-five message to celebrate the great success The record of the above conversation is quite similar to the results of the regulatory investigation of Libor investigation found that for those counterparties willing to help them manipulate Libor, the bankers will promise a few bottles of Bertrand Usher had been a central figure in the cartels chat room. He previously worked for Royal Bank of Scotland and received an award from FXWeek magazine on behalf of the bank in 2004. , the cartel has only become active again in the UK since the FCA launched its investigation, Usher, Ramchandani and Gardiner have been given a big holiday by their employers The Bank for International Settlements survey published last September showed that London is the worlds largest foreign exchange trading center, accounting for about 41% of total global transactions, while New York and Singapore are 19% and 6% According to the banks data, the global foreign exchange market turnover in a single day is about $5.3 trillion spot foreign exchange transactions occur in a small, well-connected small community According to multiple traders and brokers, many live in the countryside of Essex, England, from where it takes little time to get to the financial district of London by train, they sometimes meet for dinner, weekend hikes, or regular to the local club to play a few rounds of golf foreign exchange spot traders job is simply to place a buy order and place a sell order, which does not require the same complex mathematical calculations as derivatives traders, so traders say it is more important to develop and maintain personal relationships Spicer, a professor at Cass Business School, said: the foreign exchange market itself has a strong culture, and its practitioners will feel more emotionally connected to each other than to their banks, the foreign exchange market is actually dominated by a very small group of people who often have strong personal ties due to having worked together at some time in the past on a warm September day, a dozen foreign exchange traders from the big banks and a few short term traders using their own funds for foreign exchange trading to the M25 ring road in London According to one witness, a short term trader handed a white envelope stuffed with cash to a bank trader as payment for information received from the latter, the source said, adding that such things are commonplace in the industry, sometimes taking place in the parking lot of Essexs pubs.

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