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Euro gives up gains as investors look to post-election France image
Source : Guardian [Read Article] Monday 8th of May 2017 04:43:41 AM
....Europe breathes easier as #Macron eases to victory | CMC Markets https://t. co/fqsAumFmXO #forex #euro. ...
Japan rejects Trump accusation of devaluing yen in currency war image
Source : Guardian [Read Article] Wednesday 1st of February 2017 06:48:52 AM
.... We are not manipulating them,” Masatsugu Asakawa, vice finance minister for international affairs, said, according to Kyodo. “I don’t quite understand what (Trump) actually meant,” Asakawa added, since Japan had not intervened in forex markets for some time. ...
China crackdown sends Bitcoin sliding image
Source : BBC [Read Article] Thursday 12th of January 2017 01:04:34 AM
....The Bitcoin currency had soared to record highs in the first days of 2017, a rise attributed largely to strong demand from China, where most Bitcoin trading takes place. The Chinese central bank said that the "spot checks were focused on how the exchanges implement policies including forex management and anti-money laundering". ...
US charges three foreign exchange traders image
Source : BBC [Read Article] Tuesday 10th of January 2017 11:28:46 PM
. Prosecutors in the US have accused three former currency traders at major banks of trying to rig foreign exchange (forex) rates in the banking industry. ...
Sports Direct chairman criticises 'extreme campaign' as profits fall 57% image
Source : Guardian [Read Article] Thursday 8th of December 2016 08:27:37 AM
....and said he was “delighted to be joining the board of one of the UK’s most dynamic companies”. Neil Wilson, senior market analyst at forex and spread-betting firm ETX Capital, said: “The company is blaming everyone else and it’s true that negative PR of this scale is very hard to shake. ...
Nigeria banks banned from foreign currency deals image
Source : BBC [Read Article] Wednesday 24th of August 2016 12:21:17 PM
.... Each institution is also likely to face a further fine. The forex trading ban was triggered after the Nigerian National Petroleum Corporation (NNPC) complained to President Buhari about the missing money, an NNPC spokesman told the BBC. ...
Pound fall to 'hit Rolls-Royce by £2bn' image
Source : BBC [Read Article] Sunday 24th of July 2016 11:32:47 AM
....The Derby-based aero engine company trades in dollars and takes out complex hedging contracts to protect against currency gyrations. Rolls-Royce booked a £1bn charge on those forex contracts when the pound fell 8 cents against the dollar. ...

HSBC trader at centre of fraud probe sat on Bank of England forex panel
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Source : Telegraph [Read Article] Thursday 21st of July 2016 03:07:18 PM
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Top HSBC manager charged in forex probe image
Source : BBC [Read Article] Wednesday 20th of July 2016 02:23:41 PM
....3 trillion worth of currencies are traded daily, dwarfs the stock and bond markets. There is no physical forex marketplace and nearly all trading takes place on electronic systems operated by the big banks and other providers. ...

British HSBC executive released on $1m bail in $3.5bn US forex trading probe
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Pound slides to fresh 31-year low against the dollar image
Source : BBC [Read Article] Tuesday 5th of July 2016 07:50:10 AM
.... the last time we saw this kind of action was in the financial crisis. "Fears about the investment industry are leaching into the forex markets today, with sterling seeing heavy selling again after a few days of relative calm after the Brexit vote collapse. ...
Are fintechs helping banks evolve – or planning a revolution? image
Source : Guardian [Read Article] Saturday 9th of April 2016 07:00:09 AM
....”. But if there is one vertical that is being openly disrupted it is surely international money transfers and foreign exchange (forex). ...
SFO ends foreign exchange fraud inquiry with no charges brought image
Source : Guardian [Read Article] Tuesday 15th of March 2016 04:05:17 PM
....”. At the time it launched the forex investigation in 2014, more than 20 individuals had either been suspended or fired from financial institutions during the global investigation into currency rigging. ...
Blow for family holidays as pound sinks against euro and dollar  image
Source : Daily Express [Read Article] Wednesday 20th of January 2016 04:05:00 PM
....3500 unless something causes the US dollar to suddenly weaken sharply between now and the end of the month. "David Lamb, head of dealing at the forex specialists FEXCO, added: "The prospect of a UK interest rate rise hasn't been kicked into the long grass. ...
The elephant in Barclays' dealing room image
Source : Guardian [Read Article] Thursday 26th of November 2015 08:03:15 PM
....Tales of Barclays bankers playing fast and loose, circa 2011, lack shock value these days. After Libor rigging, forex rigging, and four other serious disciplinary breaches by the bank since 2009, we’re numb. ...
Barclays hit by another $150m forex fine image
Source : Telegraph [Read Article] Wednesday 18th of November 2015 05:37:43 PM
.... . In May of this year the DFS fined the bank $485m for trying to manipulate the spot forex trading market, as part of a wider settlement in which Barclays was fined $2. ...
Barclays in extra $150m forex penalty image
Source : BBC [Read Article] Wednesday 18th of November 2015 03:30:53 PM
....In May, Barclays was fined $2. 4bn for manipulating the forex market. ...
Citi trader sacked after forex rigging probe wins unfair dismissal case image
Source : Telegraph [Read Article] Tuesday 17th of November 2015 10:42:37 PM
.... . Perry Stimpson, a forex dealer who was sacked in November 2014, has had his claim backed by an employment tribunal. ...
City News: Sainsbury's, HSBC, Bank payout, China trade image
Source : Daily Express [Read Article] Friday 23rd of October 2015 08:42:00 PM
....-------------------------------------------------------------------------------------------------------------------------. BARCLAYS, Royal Bank of Scotland and HSBC have agreed to pay a combined $924million (£604million) to settle claims that they manipulated the $5trillion a day global forex market. ...
UK investors could start forex lawsuits after banking trio settle for $1bn in US image
.... . A total of nine banks have now settled forex-rigging claims in the US for a total of more than $2bn. ...
One of the causes of the financial crisis is finally being tackled image
Source : Telegraph [Read Article] Monday 19th of October 2015 07:42:02 PM
.... Why bother with “austerity” if the cost of government borrowing could fall even as the budget deficit grew? Yet this wasn’t a case of the laws of economics ceasing to apply – merely that a new category of not-for-profit buyers had appeared. These official investors weren’t especially interested in returns – though many were eventually able to book vast capital gains, on paper at least, as yields kept being pushed down globally – their real aim was to accumulate forex in a relatively risk-free manner. ...
FTSE 100 falters as global markets sink off weak US job data  image
Source : Daily Express [Read Article] Friday 2nd of October 2015 03:56:00 PM
....The US dollar dropped sharply against both the pound and euro in response. David Lamb, head of dealing at forex specialists FEXCO, said: "Such a woefully weak jobs number is likely to push back any rate hike into 2016, and has unsurprisingly hit a market that expected a pre-Christmas rise like a bucket of cold water. ...
SFO probes 'whether Bank of England advised lenders during auctions' image
Source : Telegraph [Read Article] Monday 28th of September 2015 09:53:17 PM
.... . During that session in front of MPs, Mr Carney agreed that before the forex scandal emerged, the institution’s rules on raising the alarm about possible market rigging had been unclear, but said the Bank had introduced new policies since. ...
Swiss watchdog investigates bank collusion in precious metals market image
Source : Guardian [Read Article] Monday 28th of September 2015 04:49:54 PM
.... Scrutiny of precious metals pricing ramped up with the Libor scandal in foreign exchange markets. In May, four major banks pleaded guilty to trying to manipulate forex rates and, with two others, were fined nearly $6bn in another settlement in a global investigation into the $5tn-a-day market. ...
US keeping rates on hold is an opportunity for investors image
Source : Independent [Read Article] Thursday 17th of September 2015 09:18:34 PM
.... “We’re looking at 2016 now for the first increase in rates,” he said. David Lamb, head of dealing at forex specialists FEXCO agreed. ...
Net closes on forex manipulators as banks ready code of conduct image
Source : Telegraph [Read Article] Wednesday 9th of September 2015 01:34:10 PM
.... . Banks have paid out for forex manipulation by traders. ...
Source : Independent [Read Article] Wednesday 9th of September 2015 12:18:42 AM
....In a filing to the court, Citi said that Mr Stimpson was dismissed for serious breach of contract, alleging that he appeared to have shared confidential client information with traders at other banks  via electronic chatrooms. Citi was one of half a dozen banks fined by regulators earlier this year over the rigging of forex rates. ...
SABMiller and Diageo could benefit from a merger, say analysts image
Source : Guardian [Read Article] Friday 4th of September 2015 11:24:20 AM
.... In our Diageo review we investigated ways to create value through spinning off businesses such as beer or Reserve Brands. [But] would it be enough in a world in which forex and slower macroeconomic conditions are creating more headwinds for profit growth? A report in the UK press (Sunday Times, 29 August) that SABMiller has been consulting new advisors about a possible bid defence appears to show that the company feels under threat still from a bid from AB InBev; for Diageo, updating for forex moves last week, we now estimate slightly negative earnings per share growth this year in what was supposed to be a recovery year. ...
Commodity shares pounded amid global equities rout image
Source : Telegraph [Read Article] Tuesday 1st of September 2015 06:28:16 PM
.... Analysts reckon management’s plans to double the company’s share price in the three to four years following its merger are “unrealistic”. “Our full-year pre-tax profit is 10pc below consensus, driven by our view of forex headwinds in the Nordics and lower-than-consensus expectations for services”, Sunita Entwisle, of Nomura, said. ...
HSBC has closed my UK and expat bank accounts but refuses to say why image
Source : Guardian [Read Article] Wednesday 26th of August 2015 06:00:07 AM
....The arrogance of these banks is astonishing. They are colluding to manipulate lending rates, forex etc and yet treat us worse than criminals. ...
UK banks face £5bn lawsuit over forex claims image
Source : Telegraph [Read Article] Saturday 22nd of August 2015 06:00:13 PM
.... . Half a dozen banks in the UK have been fined by regulators for attempting to manipulate forex benchmarks, the price of currencies at a fixed point in the day against which many trades are carried out. ...
World's big banks set to be sued in London over forex rigging image
Source : Independent [Read Article] Saturday 15th of August 2015 01:11:00 AM
.... I think we have clear ‘intent’ in UK law,” he commented. Mr Hausfeld also pointed out that the size of the forex trading market in London was bigger than that in the US, meaning the potential compensation was likely to be larger too. ...
Banks in £1.3bn forex deal image
Source : Daily Express [Read Article] Saturday 15th of August 2015 12:01:00 AM
China currency devaluation sends global exporters reeling image
Source : Independent [Read Article] Wednesday 12th of August 2015 12:46:09 AM
....Moving the marker lower instantly makes Chinese exports cheaper and squeezes a host of multinational giants selling goods to the huge Chinese market – while reducing the risk of politically dangerous manufacturing job losses in the one-party state. “China now wants a piece of the action in the global currency wars that have seen serial devaluations around the world since the global financial crisis,” John Hardy, head of forex strategy at Saxo Bank, said. ...
RBS reports £153m first-half loss image
Source : BBC [Read Article] Thursday 30th of July 2015 06:29:05 AM
....8bn for failing to stop traders trying to manipulate currency markets last year. RBS has already paid £399m in fines to US and UK regulators over the forex scandal. ...
Source : Independent [Read Article] Thursday 30th of July 2015 04:45:00 AM
.... . Dealing a further blow to the financial centre’s already battered reputation, the Financial Conduct Authority described the application of lessons learned from the Libor, forex and gold rigging scandals as “uneven across the industry”. ...
City avoiding changes needed to restore trust after rigging scandals, FCA warns image
.... The penalty put the focus on an array of other benchmarks used to set prices, such as gold and silver, and the practices adopted by traders to fix the rates. The FCA has levied fines of £700m on a number of firms for rigging Libor, while global penalties for rigging forex markets have topped £6bn. ...
Libor-style scandals could happen again as banks are failing to reform, says FCA image
.... . The City was shocked when banks were fined for forex manipulation, as it was revealed that the bad behaviour carried on even after the Libor scandal had broken. ...
Forex traders have been shocked into behaving themselves but it might not last, says BoE director image
.... . “With the benefit of hindsight, [the NIPS code] didn’t prove effective in ensuring good conduct all of the time in forex markets, because otherwise we wouldn’t have had the enforcement cases,” said Mr Salmon. ...
Martin Wheatley: I had unfinished business at FCA image
Source : Guardian [Read Article] Wednesday 22nd of July 2015 10:40:59 AM
.... It is no longer an afterthought,” he said. The wholesale markets, such as forex, however, were an “area that has much further to go” in improving culture, he added. ...
Source : Independent [Read Article] Monday 20th of July 2015 12:16:48 AM
.... . Richard Burger, a partner at the law firm, said: “Whilst the FCA has its hands full with Libor and forex, it cannot lose sight of unregulated activities such as boiler rooms, which aggressively target small retail investors – especially those frustrated by low investment returns from mainstream savings accounts. ...
FCA chief’s departure means it’s back to business as usual for the banks image
....It’s job done as far as Britain’s banks are concerned. The departure of Martin Wheatley as the head of the City’s watchdog marks a triumph for the forex fiddlers and the Libor manipulators, but a defeat for the rest of us. ...
City watchdog chief quits after George Osborne vote of no confidence image
Source : Guardian [Read Article] Friday 17th of July 2015 12:48:08 PM
.... Bosses at Lloyds Banking Group forfeited almost £33m in past and future bonuses after the bank paid a record fine of £117m for the mishandling of PPI complaints. Barclays paid a record £284m for “unacceptable practices” relating to forex trading. ...
Forex-rigging banks threatened with multimillion-pound lawsuit image
Source : Guardian [Read Article] Tuesday 14th of July 2015 04:38:51 PM
....Related: After Barclays sacks Antony Jenkins, it’s back to gung-ho banking. Scott said: “To date, every regulator in the world has found a number of banks guilty of manipulating forex rates, with damages suffered by the clients amounting to billions of dollars. ...
Banks face new legal action on forex image
Source : BBC [Read Article] Tuesday 14th of July 2015 11:27:54 AM
...."We've been over [here] meeting with central banks, pension schemes, large multinationals who have asked us to determine if they have been harmed as a result of the conspiracy. "We have met with central banks and they have expressed an interest - they are interested in the institutional knowledge that we have gained litigating the forex case in the United States. ...
Forex focus: never mind Greece – we should worry about China image
Source : Telegraph [Read Article] Tuesday 14th of July 2015 09:15:14 AM
.... . “By purchasing currency through a forward contract, those holding euros can protect themselves against currency depreciation, should the current bad situation get worse,” said Jake Trask at UKForex (ukforex. ...
Brazil names 30 bankers in forex probe image
Source : Telegraph [Read Article] Monday 13th of July 2015 05:46:32 PM
.... Such information could include details of client orders, as well as trading strategies, the regulator said. Cade said it is looking at activity in forex markets between 2007 and 2013. ...
Barclays' John McFarlane: I’m no axe-man image
Source : Telegraph [Read Article] Saturday 11th of July 2015 03:10:15 PM
.... Cultural change was a core focus of Mr Jenkins’ time at the top. Following the Libor scandal, and the subsequent fine for forex manipulation, he saw it as his core purpose, cleaning up banking and restoring dignity to the profession and good service to customers. ...
Antony Jenkins' sacking from Barclays may be the death knell for banking reform image
.... In May this year, Barclays was hit with the biggest single bank fine in UK history – £284. 4m – for forex rigging as part of a total settlement with the Financial Conduct Authority and four US regulators totalling £1. ...
An extra 150,000 bankers to be monitored by watchdog image
Source : Telegraph [Read Article] Tuesday 7th of July 2015 02:19:28 PM
. Thousands more financial traders will be monitored by banks and the Financial Conduct Authority under the certification regime, the City watchdog has announced, as it cracks down on the wholesale markets following the forex manipulation scandal. ...
Allianz chief: too many bankers treat market abuse like speeding image
Source : Telegraph [Read Article] Tuesday 30th of June 2015 11:16:17 AM
.... Their intervention comes after a series of banks received fines totalling several billion pounds for manipulation of the foreign exchange markets. Some of the market abuse in the forex scandal took place after Libor fiddling had been exposed, indicating wrongdoing was still going on despite the fines levied on the lenders previously. ...
Asian markets creep up as the euro sags in deepening Greek crisis image
Source : Guardian [Read Article] Tuesday 30th of June 2015 02:00:26 AM
....2%. “All in all, many in the market had already factored in the likelihood of Greece defaulting, but there is no guarantee the stability will last,” said Kyosuke Suzuki, director of forex at Société Générale in Tokyo. ...
Mark Carney: Bankers still do not know how to behave image
Source : Telegraph [Read Article] Friday 26th of June 2015 04:44:53 PM
.... . Mark Carney hopes his Fair and Effective Markets Review (FEMR) will help set out a better code of conduct for wholesale banking staff, in a bid to cut the chance of future scandals along the lines of Libor and forex manipulation. ...
Renminbi trading in the UK is booming - and the Government loves it image
Source : Telegraph [Read Article] Friday 26th of June 2015 04:00:02 AM
.... . Overall forex trading volumes jumped 143pc last year, compared with 2013, with average daily volumes reaching $61. ...
Markets cautious but positive over new proposals to solve Greek debt crisis image
....Some analysts said the concessions suggested that fear of the widespread turmoil that could follow a Greek exit from the eurozone may nudge negotiators towards an eleventh-hour agreement. “Today will supposedly be the last round of negotiations, so there could be a possible surprise in form of an agreement with both parties seeing the writing on the wall,” said Shinichiro Kadota, chief Japan forex strategist at Barclays in Tokyo. ...
Tax windfall puts Osborne on track to beat target by £15bn image
Source : Independent [Read Article] Friday 19th of June 2015 07:21:29 PM
The trial of former City trader Tom Hayes signals a new stance by regulators image
.... . At £22bn, payment protection insurance has generated the largest fines by a long way, but with significant additional contributions coming from fines relating to other specialist banking business such as rate swap activities, forex exchange dealing, the fixing of the Libor rate and financial settlements in regards to allegations of money laundering, both proven and unproven. ...
FCA names Hong Kong regulator as new head of enforcement image
Source : Guardian [Read Article] Friday 5th of June 2015 11:54:58 AM
.... Hauser previously ran the secretariat for the fair and efficient markets review commissioned by George Osborne a year ago. The outcome of that review, which examines ways to clean up markets in the wake of Libor and forex scandals, is due to be published shortly. ...
FTSE 100 falls to two month low on Greek woes, but Kingfisher climbs image
Source : Guardian [Read Article] Thursday 4th of June 2015 04:07:59 PM
....Following a detailed and aggressive review, the senior management team has decided to take a major provision against a fixed price contract in the enterprise solutions and defence division, which appears to have been substantially underestimated. This provision, together with the forex impact of continuing sterling strength, is likely to virtually eliminate the expected profit this year. ...
Forex start-up Kantox wins business from disgraced banks image
Source : Telegraph [Read Article] Wednesday 27th of May 2015 01:41:06 PM
. The recent forex banking scandal and rising trend towards ‘pick and mix’ financial services has helped peer-to-peer currency trading start-up Kantox to secure $11m (£7m) in growth capital , after wowing the venture capital sector with growth of 400pc year-on-year in the first quarter of 2015. ...
Source : Independent [Read Article] Wednesday 27th of May 2015 12:11:02 AM
.... But their impact is usually shared quite widely. The reaction of Barclays’ share price in the wake of its forex penalty – it ended up paying a total of £1. ...
FCA fines set to dip below record despite Libor and forex penalties image
Source : Independent [Read Article] Monday 25th of May 2015 11:34:57 PM
....8m fine for the Libor rate fixing scandal is the third biggest to be imposed by the FCA FCA sources say while the watchdog still has an active disciplinary pipeline which could see a number of substantial fines levied over the coming months, there is no investigation comparable with the multi-jurisdictional probes into foreign exchange and Libor interest rate rigging. The Libor and forex scandals have between them provided the bulk of the fine revenue that has been pouring into the Treasury’s coffers since the first Libor fine was imposed on Barclays in April 2012. ...

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