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A New Financial Scandal – Bigger Than LIBOR?


They allege that the world’s biggest banks have been systematically manipulating the foreign exchange rates used to set the value of trillions of dollars of investments and derivatives. The main target of this has been pension funds all over the world.

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Bloomberg reported yesterday that five whistleblowers who have been working as foreign exchange traders have stated that the $5 trillion foreign exchange market is rigged. They allege that the world’s biggest banks have been systematically manipulating the foreign exchange rates used to set the value of trillions of dollars of investments and derivatives. The main target of this has been pension funds all over the world.

Not surprisingly the centre of this activity has been the City of London, just as with LIBOR.

The traders told Bloomberg that the banks were actively trading against their clients by making use of a 60 second window in which trading is supposed to be paused. The traders told Bloomberg that, “dealers colluded with counterparties to boost chances of moving the rates.”

The Financial Conduct Authority, one of the bodies set up to replace the Financial Services Authority, says it is investigating and is speaking to the relevant parties.

Which platform is used to distribute the Foreign Exchange rates? None other than Thompson Reuters, as with LIBOR. The same Thompson Reuters which took part in Bilderberg.

http://www.ukcolumn.org/article/new-financial-scandal-bigger-libor

 

This is the builderburg diagram if anyone is interested, as it might be helpful:

http://www.godgamesproject.com/youfoundrandom/bilderberg.jpg

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