Thursday, 31 October 2013

Those banking ticket clippers - this time it's foreign exchange

As the multibillion-dollar fines for international banks keep coming over past misdeeds, new questions are arising about the way they continue to fleece their customers. The latest potential scandal appears to involve foreign currency trading, with Reuters this morning referring to a number of senior traders from several banks being sent on leave. I say “appears”, because the reason for the gardening leave has not yet been given, but Bloomberg reported that two went on leave after regulators probing foreign exchange manipulation started investigating traders’ use of an instant-message group.
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