Fines on the largest banks in the world because of the currency market
Fines on the largest banks in the world because of the currency market
05/21/2015 10:58 GMT
Agencies – imposed record fines of about $ 5.6 billion on five of the largest banks in the world against the backdrop of accusations of manipulating the prefectures exchange market.
And it approved four of the five banks, namely “JP Morgan” and “Barclays” and “Citigroup” and “RBS”, guilty of the charges addressed to them by the US authorities.
And the fifth bank will approve a “UPS” on charges of manipulating interest rates index.
The Bank faces a “Barclays” the biggest financial penalties, up to $ 2.4 billion, due to the lack of cooperation, as it did other banks, in investigations carried out by observers from Britain, the United States and Switzerland.
It is scheduled that separates “Barclays” eight of its employees were involved in the issue of currency manipulation.
The Justice Minister said the American Loretta Lynch that over the five years since 2007, the currency traders “using electronic rooms for confidential talks, including currency manipulation and an almost daily basis.”
Lynch said their actions “negatively impacted countless bank employees, investors and financial institutions around the world.”
“Threat of regulation”
Observers say that currency traders have formed, including “structured” between 2008 and 2012 and used the electronic secret rooms to manipulate prices to their benefit.
He says one currency traders as the “Barclays”, offered him to join “organization”, he “will sleep into open if done something wrong.”
Used to manipulate the prices of a number of strategic plans, and was one of the common practice manipulating the prices of the daily limit for trading.
It uses daily limit trading to help companies and investors to assess their property.
And until February, so it was kind of manipulation occurs daily within the thirty seconds, before and after, four o’clock London time, and its result known as “manipulation fourth time.”
This practice is known as “building ammunition”, and that happens during a Asthoz currency traders a great deal of money in the market, and when the moment of manipulation, is to leave the money.
“Organization” and members have prior knowledge of the plan and gainful from behind.
alrayy.com
