PA10 Posted February 6, 2014 Report Share Posted February 6, 2014 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 3 1 Link to comment Share on other sites More sharing options...
pattyangel Posted February 10, 2014 Report Share Posted February 10, 2014 Things are happening so fast, just watch your $$$$$. Link to comment Share on other sites More sharing options...
MyLadiesDaddy Posted February 10, 2014 Report Share Posted February 10, 2014 Very interesting article. It seems the government is cracking down on currency trading. Curious how that could affect us when the time comes. Link to comment Share on other sites More sharing options...
PA10 Posted February 24, 2014 Author Report Share Posted February 24, 2014 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). Link to comment Share on other sites More sharing options...
PA10 Posted February 24, 2014 Author Report Share Posted February 24, 2014 UBS Said to Seek Immunity in FX-Rigging Probes by EU, US . 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. Link to comment Share on other sites More sharing options...
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