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Currency Market Unsettled by Trader Exits on Lawsky Probe

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The foreign-exchange trading business was in upheaval across Wall Street as senior executives resigned and others were fired amid an expanding probe of possible currency manipulation which brings to mind the old saying: "It's a crooked poker game, but it's the only one in town"!

 

 

http://www.bloomberg.com/news/2014-02-05/currency-market-unsettled-by-trader-exits-as-lawsky-opens-probe.html

 

 

 

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I don't see it effecting anyone who ins't directly or indirectly involved in currency arbitrage. Cleaning up the system can only spell good news for us regular folks moving forward. Most of us are not the power players amassing fortunes based on the movement of currency valuations by a few basis points. We are however, talking about a massive amount of money and ill gotten gains considering the Forex market trading volume is roughly 7-times the size of the combined stock markets (rough guess).

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UBS Said to Seek Immunity in FX-Rigging Probes by EUUS .

 

http://www.businessweek.com/news/2014-02-23/ubs-said-to-seek-immunity-in-currency-rigging-probes-by-eu-u-dot-s

 

 

UBS saved itself billions of euros in fines in December by disclosing to the EU its role in manipulating the London Interbank offered rate. Now, the bank aims to be the first to report its own conduct in currency markets to European and American regulators, said the people, who requested anonymity because the matter isn’t public.

The Zurich-based bank is making its bid for leniency as at least a dozen regulators probe allegations that traders colluded to rig benchmarks in the $5.3 trillion-a-day currency market. The world’s biggest banks are under scrutiny, and at least 21 people have been fired or suspended as a result.

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