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 ‘Forex auction transparent’ The Herald

‘Forex auction transparent’ The Herald

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Forex rigging

Forex rigging submitted by Artt_trading to u/Artt_trading [link] [comments]

Barclays, Citigroup and JP Morgan among banks fined $1.2 billion for forex rigging. (This is why the world needs bitcoin)

Barclays, Citigroup and JP Morgan among banks fined $1.2 billion for forex rigging. (This is why the world needs bitcoin) submitted by awertheim to Bitcoin [link] [comments]

Barclays, RBS and other banks face £1bn forex rigging lawsuit

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Barclays, JP Morgan among banks facing UK class action over forex-rigging

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Barclays, Citigroup and JP Morgan among banks fined $1.2 billion for forex rigging

KEY POINTS
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JP Morgan, Barclays, RBS among big banks facing UK class action over Forex rigging

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Barclays, Citigroup and JP Morgan among banks fined $1.2 billion for forex rigging

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JP Morgan, Barclays, RBS among big banks facing UK class action over Forex rigging

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Seven banks face EU antitrust fines for forex rigging: sources

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Barclays, JP Morgan among banks facing UK class action over forex-rigging

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Barclays, RBS and other banks face £1bn forex rigging lawsuit

Barclays, RBS and three other banks are being sued by investors for at least £1 billion over rigging of the foreign exchange market in a test case for US-style class actions in the UK, according to The Guardian. Barclays has been one of the banks subjected to the lawsuit
A US law firm that specialises in stock market litigation has filed the claim at the Competition Appeal Tribunal. The claim also targets US investment banks JP Morgan and Citigroup, and Switzerland’s UBS.
The legal action follows the European commission’s decision in May to fine five banks more than €1 billion (£910 million) for colluding to reduce competition in markets for 11 currencies, including the US dollar, the euro and the pound.
Cartels of traders with names such as the ‘Three-Way Banana Split’ operated on chatrooms to rig the multi-trillion-dollar foreign exchange market. UBS, which informed the commission about the collusion, was not fined but Japan’s MUFG received a penalty.
Scott + Scott, the law firm representing the investors, said Barclays, RBS, JP Morgan, Citi and UBS had been fined more than $8.5 billion by regulators globally over foreign exchange manipulation. The firm secured more than $2.3 billion compensation in a US class action suit from banks including Barclays, RBS, UBS and Deutsche Bank.
The claim, led by Michael O’Higgins, the former chair of the Pensions Regulator, seeks compensation for investors and companies allegedly damaged by the banks’ actions. O’Higgins has instructed Scott + Scott to carry out work on the case.
“Just as compensation has been won in the US, our legal action in the UK will seek to return hundreds of millions of pounds to pension funds and other corporates who were targeted by the cartel,” O’Higgins tells The Guardian.
Under a class action a judge rules that all similar claimants will be included in the same claim, reducing litigation costs and sharing damages between claimants who might not have been able to afford to bring their own case.
Until the 2015 law change, English law allowed opt-in collective actions, which made assembling a claim far more difficult and costly. The new regime has so far failed to get off the ground because of disagreements about the eligibility of claims.
The value of the claim against the banks will depend on the number of foreign exchange trades carried out in London for UK-based operations and is likely to exceed £1 billion, notes O’Higgins.
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Barclays, JP Morgan among banks facing UK class action over forex-rigging

This is the best tl;dr I could make, original reduced by 61%. (I'm a bot)
LONDON - Barclays, JP Morgan, RBS, UBS and Citigroup are being sued by investors over allegations they rigged the global foreign exchange market, in a test of U.S.-style class actions in Britain.
Litigators have long hoped to replicate in Britain the success of U.S. class action claims against banks, including Goldman Sachs, HSBC and Barclays, that have resulted $2.3 billion in settlements for big investors.
In May the European Union fined five banks a combined 1.07 billion euros for forex rigging through cartels of traders known as "Essex Express" and "Three Way Banana Split".
O'Higgins told Reuters the total value of the claim would depend on the number of forex trades executed in London for UK-domiciled units - which will be automatically included in the action - and the proportional impact of rate rigging on these.
CLASS ACTION TEST. The "Massive" action is a "Perfect" case to be brought as a so-called opt-out collective class action for breaches of UK or European Union competition law, David Scott told Reuters.
This wrangling has already delayed other class actions and some law firms have chosen a different legal route for offering pension funds, asset managers and other institutional investors the chance to hold banks to account.
Summary Source | FAQ | Feedback | Top keywords: action#1 billion#2 class#3 law#4 Scott#5
Post found in /europe, /worldnews and /ukpolitics.
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Barclays, Citigroup and JP Morgan among banks fined $1.2 billion for forex rigging

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Seven banks face EU antitrust fines for forex rigging: sources

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JP Morgan, Barclays, RBS among big banks facing UK class action over Forex rigging

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JP Morgan, Barclays, RBS among big banks facing UK class action over Forex rigging

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[Business] - Barclays, JP Morgan among banks facing UK class action over forex-rigging

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Barclays, Citigroup and JP Morgan among banks fined $1.2 billion for forex rigging

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[Business] - JP Morgan, Barclays, RBS among big banks facing UK class action over Forex rigging

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[UK] - Barclays, RBS and other banks face £1bn forex rigging lawsuit

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[Business] - Barclays, JP Morgan among banks facing UK class action over forex-rigging | REUTERS

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@Reuters: Some of the world’s biggest investment banks are among banks facing UK class action over forex-rigging, @iainwithers and Kirstin Ridley report https://t.co/smWgQWeoMH https://t.co/2gatVSBaIX

@Reuters: Some of the world’s biggest investment banks are among banks facing UK class action over forex-rigging, @iainwithers and Kirstin Ridley report https://t.co/smWgQWeoMH https://t.co/2gatVSBaIX submitted by -en- to newsbotbot [link] [comments]

Forex fixing scandal: Big banks fined $6 billion for ... Forex fixing scandal: banks fined $6 billion for rigging ... YouTube Forex Market Manipulation Explained in Depth - YouTube Forex rigging saga unpacked

Currency rigging definition Currency price rigging or price-fixing or collusion is a very rare and illegal action of a market manipulation that occurs when parties conspire to fix or inflate currency prices to achieve higher profits at the expense of the consumer. How forex rigging takes place Meanwhile, the rigging of forex markets (and the supreme efficiency of those markets) is why I stick to equities. Don’t get me wrong. Equity markets have manipulation as well (especially in penny stocks or around earnings) but I feel much safer in equities than I do forex or, god forbid, cryptocurrencies. While the very size of the forex market should preclude the possibility of anyone rigging or artificially fixing currency rates, a growing scandal suggests otherwise. (See also " Forex Trading: A ... The foreign exchange market is not easy to manipulate. But it is still possible for traders to change the value of a currency in order to make a profit. rbs and hsbc among banks fined £2.6bn for forex rigging EDITORIAL: BANKING, YOUR NUMBER’S UP The bank takes a position by guaranteeing its client a certain rate.

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Forex fixing scandal: Big banks fined $6 billion for ...

Enjoy the videos and music you love, upload original content, and share it all with friends, family, and the world on YouTube. Intellidex chairman Stuart Theobald explains who would have lost out in the alleged forex rigging between a number of local and international banks. The foreign exchange market is not easy to manipulate. But it is still possible for traders to change the value of a currency in order to make a profit. While the very size of the forex market ... WASHINGTON — After a 19-month long investigation, several global banks have agreed to pay penalties to the U.S. Justice Department and the Federal Reserve fo... Barclays is one company that will have to open up its wallet a little wider this holiday season and Nouriel Roubini said the terrorist attacks in Paris could end up boosting the eurozone economy ...

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