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Forex traders have been shocked into behaving themselves but it might not last...

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    Forex traders have been shocked into behaving themselves but it might not last...

    " Forex traders are behaving themselves in the wake of a series of fines and investigations, according to Chris Salmon, the Bank of England’s markets boss.

    Bankers are still reeling after UK regulators fined six lenders a total of £1.4bn for manipulating foreign exchange benchmarks, while a number of ex-traders are facing prosecution for alleged fraud related to the Libor interest rate benchmark.

    As a result, conduct has improved, but more concrete action is needed to make it a permanent change, said executive director for markets Mr Salmon.

    To make sure traders do not slip back into bad old habits, the Bank of England is planning tougher guidelines for the bankers, as well as the threat of prosecution for market abusers. "

    Source: Forex traders have been shocked into behaving themselves but it might not last, says BoE director - Telegraph

    AtW's comment - dirty spekulants!!!

    #2
    Trader guilty over Libor rate rigging - BBC News

    Each count carries a possible 10 year sentence.

    If he managed to keep the cash he will have a good lawyer so will get 6 weeks in a category D...

    Comment


      #3
      Originally posted by BrilloPad View Post
      Trader guilty over Libor rate rigging - BBC News

      Each count carries a possible 10 year sentence.

      If he managed to keep the cash he will have a good lawyer so will get 6 weeks in a category D...
      Jailed for 14 years, finally decent sentences for fraudsters. In USA he would have gotten 140

      Comment


        #4
        Originally posted by AtW View Post
        Jailed for 14 years, finally decent sentences for fraudsters. In USA he would have gotten 140


        Lets hope it is category A. And it is not reduced on appeal....

        Comment


          #5
          14 years. Going to serve at least 7 before considered for parole.

          That's a lot. Normally they just get a knighthood.

          Comment


            #6
            Pays my rates ')

            We have caught some real clangers.

            Comment


              #7
              One or two large banks should have been allowed to go bust in 2007, that would have fixed the problem forever.

              Comment


                #8
                Originally posted by unixman View Post
                One or two large banks should have been allowed to go bust in 2007, that would have fixed the problem forever.
                Like Lehman Brothers?

                Others were too big to fail (tm).

                They still are.

                Comment


                  #9
                  I don't agree in the "too big to fail" story.

                  Comment


                    #10
                    I think Lehman were failed to prove a point.

                    Still see a lot of arrogance walking around the wharf though.
                    The greatest trick the devil ever pulled was convincing the world that he didn't exist

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