I am part of a skype chatroom with 69 other traders PM me. I agree not to post links to pirated software or conspire to commit an unlawful activity with any of the chat participants. Get alerts on Forex trading probes when a new story is published. Arbitration Clause By using this website I agree that in the event a dispute arises between myself and the website owner that the case will be settled by third party arbitration or mediation. You must log in or sign up to reply here.
Listen to this article
But banks offering a fixing service guarantee their clients the market mid-rate at this point in time. Traders with big orders to process therefore risk losing a significant amount if the market moves against them in the run-up to the fix — and the incentive to collude and try to make the exchange rate move in their favour is strong.
The FCA detailed one example of how some traders at Citi were able to manipulate the 1. Furthermore, traders in a chatroom with net orders in the opposite direction to the desired movement at the fix sought to transact before the fix with traders outside the chatroom.
Having netted off its sell order with another party, one trader commented in the chatroom: In the 15 seconds before the ECB fix, Citi placed four buy orders of increasing size and price which were priced at a level above the prevailing offer price.
It allegedly colluded with traders from at least three other banks who, like it, were wanting to drive the rate lower. Reply from Firm A: The FCA said these early trades were designed to take advantage of the expected downwards movement in the fix rate following the discussions within the chatroom. In a chatroom conversation, it offers to transfer this order to Firm A. The FCA said these trades were designed to take advantage of the expected upwards movement in the fix rate following the discussions within the chatroom.
Between them they accounted for 41 per cent of the euro-dollar trade. Another firm responds by netting off part of its sell order with two other parties outside the chatroom. In a separate chatroom, RBS told three other traders: I agree to have my account email address added to the Free Trader Chat newsletter mailing list. I understand that I can unsubscribe at any time. All content found on this website belongs soley to the website owner.
No material may be copied or retransmitted to any website or media outlet without the express written consent of the website owner. By using this website I agree that in the event a dispute arises between myself and the website owner that the case will be settled by third party arbitration or mediation. Username Password forgot your password?
Chat Information Join the conversation as we discuss stock market news, price alerts, chart patterns, trading platforms, brokers and the latest Wall Street rumor. Website Privilege I understand that using this website and its chat rooms is a privilege and not a right. No Spamming I agree not to advertise any product or service while using this website and its chat rooms.
No Hyping Up Stocks I agree not to hype up any of my positions, escpecially those with no trading volume. The last couple of years I trade my own account formerly traded for a London proprietary trading firm from home office in Ireland.
Have always used X Trader Pro as my trading platform. Happy to be added to existing chatrooms such as skype where I would help share information and advice with like-minded professional traders.
Futures Track likes this. You must log in or sign up to reply here. Your name or email address: Do you already have an account?