{"id":24080,"date":"2017-05-26T09:54:43","date_gmt":"2017-05-26T14:54:43","guid":{"rendered":"http:\/\/olduvai.ca\/?p=24080"},"modified":"2017-05-26T09:54:43","modified_gmt":"2017-05-26T14:54:43","slug":"another-shoe-drops-in-the-fx-fraud-manipulation-conspiracy","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=24080","title":{"rendered":"Another shoe drops in the FX fraud manipulation conspiracy"},"content":{"rendered":"

Another shoe drops in the FX fraud manipulation conspiracy<\/a><\/h3>\n

\n

FX is quite literally, a rigged game. \u00a0Not like the stock market, well not exactly. \u00a0FX has been, a game of ‘how many numbers am I holding behind my back?’ and the guess is always wrong! \u00a0As we explain in Splitting Pennies Understanding Forex – FX is rigged.<\/a> \u00a0But that doesn’t mean there isn’t opportunity! \u00a0One just needs to understand it.<\/p>\n

From Law 360:<\/a><\/p>\n

French bank\u00a0<\/span>BNP Paribas<\/span><\/a>\u00a0was fined $350 million by the\u00a0<\/span>New York State Department of
\nFinancial Services<\/span><\/a>\u00a0for lax oversight in its foreign-exchange business that
\nallowed \u201cnearly unfettered misconduct\u201d by more than a dozen employees involved
\nin exchange rate manipulation, officials announced Wednesday.<\/p>\n

From 2007 through 2013, a trader on the bank\u2019s New York desk, identified in the
\nconsent order as Jason Katz, ran a number of schemes with more than a dozen
\nBNPP traders and salespeople on key foreign exchange trading desks to
\nmanipulate prices and spreads in several currencies, including the South
\nAfrican rand, Hungarian forint and Turkish lira, officials said.<\/p>\n

He called his group of traders a “cartel” and they communicated in a
\nchat room called “ZAR Domination,” a reference to the rand\u2019s trading
\nsymbol, according to the consent order. The group would push up the price of
\nthe illiquid rand during New York business hours when the South African market
\nwas closed, moving the currency in whichever way they chose, and thus
\ndepressing competition, officials said.<\/p>\n

Katz also enlisted colleagues at other banks to widen spreads for orders in
\nrands, increasing bank profits and limiting competition at the customer\u2019
\nexpense, the order says. Some of the traders engaged in illegal coordination
\nand shared confidential customer information, officials said. As part of a
\ncooperation agreement with prosecutors, Katz\u00a0pled guilty<\/a><\/strong><\/b>\u00a0in Manhattan federal court in
\nJanuary to one count of conspiracy to restrain trade in violation of the
\nSherman Act.
\n<\/span><\/em><\/i><\/p>\n

…click on the above link to read the rest of the article…<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Another shoe drops in the FX fraud manipulation conspiracy FX is quite literally, a rigged game. \u00a0Not like the stock market, well not exactly. \u00a0FX has been, a game of ‘how many numbers am I holding behind my back?’ and the guess is always wrong! \u00a0As we explain in Splitting Pennies Understanding Forex – FX […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,6],"tags":[951,2022,15362,927,503],"class_list":["post-24080","post","type-post","status-publish","format-standard","hentry","category-economics","category-liberty","tag-currency","tag-fx","tag-globalintelhub","tag-manipulation","tag-market-manipulation"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/24080","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=24080"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/24080\/revisions"}],"predecessor-version":[{"id":24081,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/24080\/revisions\/24081"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=24080"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=24080"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=24080"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}