chat room those th cashbackforexpipcalculatorgs.png "width="555 "height="418"/> London, 4 p.m. 20 minutes before the market close on the forex trader screen red cashback forex calculator Online green characters flashing constantly in the four seems like a shield cover the screen, some cashbackforexcalculatorOnline up to 50 chat room at the same time sales staff and customers chat messages The new message was replaced by a steady stream of new messages that popped up behind them, and soon d cashbackforexprofitcalculatorappeared from sight on the intercom system. The regulatory-vacuum foreign cashback forex market, with a daily turnover of $5.3 trillion, is the most traded market in the world, and forex trading during the fixing session will help determine the benchmark WM/Reuters rate, which is the benchmark for pricing index funds held by pension funds, savings institutions, and money funds around the world totaling more than $3.6 trillion From Bern to Washington, regulators in many parts of the world are investigating the behavior of bank traders Bloomberg News was the first to report in June 2013 that a handful of senior traders at several major banks had information on their computer screens that should not have been there Details of their respective clients trading orders Five sources revealed that traders at JPMorgan Chase, Citigroup, UBS, Barclays and other institutions may have manipulated foreign exchange prices through such resource sharing to achieve profits Maximize This is a market without legal constraints, people turn a blind eye to violations, said former Delaware Democratic Senator Ted Kaufman, we have been talking about banks ‘too big to fail’ in fact, there is a phenomenon that is almost as important, that is, banks ‘too big to manage&rsquo ; bandit gang According to sources familiar with the matter, Internet chat rooms have become the core of regulatory investigations, like the cartel, bandit gang, the same team, the same dream, the mafia are chat room names, in such virtual space, traders exchange customer order information with each other and agree on how to trade during the fixing session a source said that some traders will participate in The alleged collusion of traders is undermining a fundamental norm in the financial world, namely the pricing of currencies in a closed network environment where a handful of traders have the ability to distort global exchange rates to their own advantage, as evidenced by the level of employer and regulatory oversight. Each month, as the WM/Reuters rate is priced at 4 p.m., billions of dollars of foreign exchange transactions occur, meaning losses in pension and savings accounts worldwide collusion The soundness of the market is critical to participants and affects the daily asset valuations of public and private institutions like the size of $2,610 billion. ,61 billion California Public Employees Retirement Fund, $237 billion Scottish Widows Investment Partners Ltd. to $4.1 trillion BlackRock and $1.2 trillion Japanese government pension investment funds will be affected AndreSpicer, a professor at Cass Business School in London who conducts research on trader behavior, said such a market compared to competitive behavior are much more likely to be manipulated by complicit behavior 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 seen as an investment and the foreign exchange market is not subject to specific regulations, making the market more vulnerable to manipulation and abuse profiteering nbsp;If no one is monitoring these benchmark indices, and manipulation of the indices can bring huge profits, the temptation to engage in such transactions can be great, Abrantes-Metz said even if the price is only a fraction of a percent different, it is enough to make profits soar 2008 Abrantes-Metzs paper entitled Libor manipulation helped lead to a global investigation into interbank lending rates In the case of exchange rate manipulation investigation, the regulator has a pile of financial scandals on its desk to be resolved, and the list is still growing, including the manipulation of banks on interest rate derivatives pricing benchmark ISDAfix and Libor and other benchmark interest rate indicators According to a source, the British regulator is also starting to investigate the size of the $ 20 trillion gold market pricing matters nbsp;AndrewTyrie, chairman of the British Parliaments Banking Standards Committee and Treasury Select Committee, said some of the problems have existed for years without anyone coming forward to speak out which is very unusual indicating that there is something very wrong in the culture of these institutions Internal investigations According to interviews with a number of current and former traders, Bloomberg News in June In June, Bloomberg News reported the existence of artificial manipulation of the foreign exchange market news reports sparked internal investigations of various financial institutions banks began to examine millions of instant messages, e-mails and call records to probe whether employees have attempted to manipulate the exchange rate In addition, Bloomberg News reports also triggered the UK Financial Conduct Authority (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 there is any private trading among traders before the completion of customer trading orders for personal gain Bloomberg News reported in November that, according to two people who witnessed the transaction, some traders had pre-established positions in private accounts before the completion of customer transactions, or through friends accounts to build positions for personal gain nbsp;Suspension After an internal investigation, so far there have been at least 12 foreign exchange traders suspended or enlarged by the bank, 11 companies said the regulator had contact with it government-owned Royal Bank of Scotland handed over to the regulator traders instant communication records Deutsche Bank said it was cooperating with the regulator UBS said it would take certain disciplinary measures against employees, the bank did not to Details The FCA in the U.K. has urged foreign exchange traders to come forward for interviews, sources saidA person familiar with the matter said at least 40 traders, including those traders, had their communication records investigatedA further source said the chats under investigation were traced back to 2004An FCA spokesman declined to comment on the matter Subpoenas Three people familiar with the matter revealed that The U.S. Department of Justice has issued subpoenas to the banks because the investigation is not public and the sources asked reporters to remain anonymous for them A Justice Department spokesman noted in an email that the criminal and antitrust division of the Justice Department has an active investigation into possible exchange rate manipulation, which is still ongoing He declined to name the financial institutions involved The European Union, which is responsible for competition matters JoaquinAlmunia said in October that the EUs investigation into the foreign exchange market is at a very preliminary stageAlmunias spokesman, Antoine Colombani, noted last month that several banks have provided information to regulators pointing to alleged exchange rate manipulation in order to obtain leniency None of the traders or their banks have yet been Alleged misconduct Investigative action caused shocks across 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 are breaking up trade orders into several smaller orders to reduce the chances of traders grabbing a run by increasing the number of banks doing the deal nbsp;Gold Tickets According to people with inside knowledge, one concern of the investigation now is the relationship between three senior traders in the cartel chat room RichardUsher, RohanRamchandani and MattGardinerUsher is from JP Morgan, Ramchandani is from Citigroup, the MattGardiner worked for Barclays and UBS EuromoneyInstitutionalInvestorPlc. A survey conducted in May showed that these four banks controlled more than 40 percent of global foreign exchange transactions last year according to Bloomberg News interviews with people who are not members of the cartel chat room, they are eager to According to Bloomberg News 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 to enter the chat room is like getting a golden ticket Regulators are investigating whether the chat between the three traders constitutes collusion They can influence the exchange rate and thus increase bank profits, allowing themselves to get more bonuses, all this can be done with just a few keystrokes and the cartel chat room traders denied this, saying all they did was match buyers and sellers before the fixing price came out They said communication through the chat room would prevent trades from occurring at the days highest volatility, thus keeping losses to a minimum The sources said the three communicated through Bloomberg Informations IB chat system Bloomberg Information is the parent company of Bloomberg News coded language and jokes nbsp;Two sources said the traders spoke jargon, told jokes and exchanged information in the chat room as if they were unaware that people outside the circle could also read their chats According to the two sources, Usher, Ramchandani, Gardiner and at least two traders discussed their clients trading information for years and agreed on a specific time to complete their trading Instructions to agree on a specific time, 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 champagne or a cash gift Since June 2012, more than six banks have been fined a total of about $6 billion, and traders at more than six other banks are under regulatory investigation The central figure Usher is a central figure in the cartel chat room He previously worked for Royal Bank of Scotland and also represented the bank in 2004, the sources said When Usher resigned from RBS in 2010, the chat room disbanded until he moved to JPMorgan Chase as chief foreign exchange trader in London, the cartel became active again, Ramchandani is now head of European spot trading at Citigroup, according to the University of Pennsylvania. A spokesman and a recruiter with a copy of his resume said Indian-born Ramchandani joined Citigroups trading division after earning a degree in economics from Penn State University In 2004, Ramchandani moved from New York to London chief trader Gardiner joined Standard Chartered in September as assistant chief foreign exchange trader before He worked at UBS and was also co-head trader at Barclays with Chris Ashton sources said Usher, Ramchandani and Gardiner have all been put on major leave by their employers since the FCA investigation was launched in the U.K. Ashton, who is now head of global spot trading at Barclays, and the banks other five in London and New York Ashton and Ramchandani declined to comment on the matter over the phone, Gardiner did not respond to a reporters message on his cell phone JPMorgan Chase would not provide Ushers contact information, and reporters could not find his personal information online or in the phone book JPMorgan Chase declined to comment on the investigation, Royal Bank of Scotland, Standard Chartered, Citigroup, Barclays. Standard Chartered, Citigroup, Barclays and UBS spokesmen also would not comment Deutsche Bank said in an email that the bank is cooperating with the investigation and will punish the individuals involved as appropriate London The Bank for International Settlements released a survey in September showing that London is the worlds largest foreign exchange trading center, accounting for about 41 percent 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 U.S. dollars spot foreign exchange transactions occur in a small, well-connected small community in this report in the reporter interviewed more than a dozen traders and brokers, many of whom live in the countryside of Essex, England, from where it does not take much time to take the train to the financial district of London, they sometimes meet Dinner, weekend hikes, or regular trips to the local club to play a few rounds of golf white envelope The job of a foreign exchange spot trader is simply to place buy and sell orders, which do not require the same complex mathematical calculations as derivatives traders therefore, traders say it is more important to develop and maintain personal relationships The foreign exchange market itself has a strong culture, and its Practitioners can feel more emotionally connected to each other than to their banks, said Spicer, a professor at Cass Business School, adding that 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 point in the past On a warm September day, a dozen foreign exchange traders from large banks and a few using their own funds Foreign exchange trading short term traders to play at a private golf club outside the M25 ring road in London, and then go to a nearby pub for a drink afterwards According to a 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 person said such things are commonplace in the industry, sometimes happening in The parking lot of Essexs tavern
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