A Bloomberg article about the rigging of rates by Forex dealers.
Traders at some of the world’s biggest banks manipulated benchmark foreign-exchange rates used to set the value of trillions of dollars of investments, according to five dealers with knowledge of the practice.
Accusations that:
- Employees have been front-running client orders
- Rigging WM/Reuters rates by pushing through trades before and during the 60-second windows when the benchmarks are set
Oh, and the Euphemism of the Day Award goes to:
the practice is controversial
–
- The WM/Reuters rates are used by fund managers to compute the day-to-day value of their holdings
- One of Europe’s largest money managers has complained about possible manipulation to British regulators within the past 12 months
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FX gets such bad press sometimes
