Monday, 17 February 2014

The murky cowboy world of bank traders

It just goes on and on doesn’t it – the complete lack of ethics involved in modern banking? From the FT comes this episode:
The annual Prime Finance get-together in The Hague is a rather arid affair, with a coterie of academics, lawyers and the odd banker gathering to discuss the finer points of jurisprudence in the international markets.
But at last month’s event a trader spiced things up. “We’ll figure out ways around any rules, so why do you think anything you’re doing is going to make a difference?” the trader asked, according to an attendee.
The trader’s words capture the cowboy mentality of some working in the murkier areas of the trading world, such as foreign exchange and commodities. But for all the bravado, it may be the mindset of a dying breed.
Over recent months, a fast-expanding global investigation into alleged collusion and manipulation among foreign exchange traders has rocked the forex units of more than a dozen large banks, raising fundamental questions about the way they operate.The trader’s words capture the cowboy mentality of some working in the murkier areas of the trading world, such as foreign exchange and commodities. But for all the bravado, it may be the mindset of a dying breed.
Over recent months, a fast-expanding global investigation into alleged collusion and manipulation among foreign exchange traders has rocked the forex units of more than a dozen large banks, raising fundamental questions about the way they operate.
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