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The investors said employees of the defendants would use such names as The Cartel, The Bandits’ Club and The Mafia to swap confidential customer orders and trading positions, and collude to set prices through such tactics as “front running/trading ahead,” “banging the close” and “painting the screen.” They also said the defendants have fired or suspended more than 30 employees in connection with possible price-rigging misconduct, including actions by Bank of America and BNP Paribas last month. Spokespeople for the banks either declined to comment or did not immediately respond to requests for comment. The lawsuit seeks unspecified damages, triple damages, and a halt to alleged collusive conduct. Some of the other plaintiffs are based in California, Connecticut, Massachusetts, Oklahoma, Pennsylvania, Puerto Rico and the Cayman Islands. The case is In re: Foreign Exchange Benchmark Rates Antitrust Litigation, U.S. District Court, Southern District of New York, No.
The Swiss Competition Commission for the first time named the banks it was scrutinizing. It cited the two largest Swiss banks, UBS and Credit Suisse, along with Zurich Cantonal Bank, Julius Baer and JP Morgan Chase, Citigroup, Barclays Bank and Royal Bank of Scotland Group. “There are indications that competition agreements for the manipulation of exchange rates have been made in Forex trading between banks,” the commission known as WEKO said in a statement. The alleged coordination, it said, might include the exchange of confidential information, transactions with other market participants at agreed price levels and coordinated actions to influence a foreign exchange benchmark. “Based on the information currently available to the competition commission, authorities believe that the most important currencies are affected,” WEKO said, adding that it “cannot exclude” other banks and brokers also may have been involved. Credit Suisse said it was “astonished’ by the allegations, and noted it was not subject to WEKO’s preliminary investigation into various banks.
GBP/USD: Doji Signals Indecision Near 1.6660/70 mark Daily Chart – Created Using FXCM Marketscope 2.0 Similarly on the four hour chart; several Dojis during intraday trade are further evidence that traders are questioning the ability of the Pound to push higher. GBP/USD: Dojis Denote Deliberation Amongst Traders 4 Hour Chart – Created Using FXCM Marketscope 2.0 The ominous Dark Cloud Cover formation on the weekly at multi-year resistance also remains on the radar, and is threatening a more significant correction ahead for the Pound. A potential target is offered by the 23.6% Fib Retracement Level near 1.6350. However, a Piercing Line pattern has also recently emerged and although it awaits confirmation, it suggests the bulls havent given up on the pair just yet. GBP/USD: Bulls Return As Piercing Line Forms on Weekly Weekly Chart – Created Using FXCM Marketscope 2.0 By David de Ferranti, Market Analyst, FXCM Follow David on Twitter: @Davidde To receive Davids analysis directly via email, please sign up here . DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
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“Based on the information currently available, the competition authorities believe that the most important currencies were affected by this behavior,” the commission said in a statement. Swiss banks UBS ( UBS ), Credit Suisse ( CS ), Julius Baer ( JBARF ) and Zurcher Kantonalbank are under scrutiny, as are four global banks — JP Morgan Chase ( JPM , Fortune 500 ), Citigroup ( C , Fortune 500 ), Barclays ( BCS ), and Royal Bank of Scotland ( RBS ). And it may not end there. “The competition authorities cannot exclude at this stage that other banks and financial intermediaries (brokers) were involved in the alleged agreements,” authorities said. Google+ Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET.
We have shown strong growth in APAC year-over-year and continue to support our customers in these important markets. Given their expertise and insights, I know both Gavin and Louis will elevate our profile, our forex and CFD offerings, and help to define our fxTrade platform as the best choice for investors in each region. Indeed, the Chinese and Antipodean markets have been a boon or bust market in recent years, owing to a variety of factors. Most recently, New Zealand has taken measures to help foster greater transparency across forex and financial reporting, which could ultimately serve as a greater incentive towards market growth. Gavin Ward To Head Greater China Operations Gavin Ward Head of Greater China OANDA Corporation To this end, Gavin Ward represents the ideal candidate moved here to help manage OANDAs interests in these regions, having built a vast resume across the financial services industry in both Europe and Asia previously. Ward will be based out of OANDAs Asia-Pacific office, located in the global forex hub of Singapore this close proximity to Greater China will ensure he is strategically placed to handle and culture OANDAs growth and exposure in the region. Ward has previously worked at CMC Markets as the Director of Asia, along with serving as a member of the companys Global General Executive Committee.