HKMA finds signs of forex manipulation at banks
Investigations into forex market manipulation turns up two cases of misconduct but finds no collusion between banks, although six banks are criticised for communication ‘indiscretions’
The Hong Kong Monetary Authority (HKMA) in late December 2014 unveiled the results of its investigation into the manipulation of foreign exchange markets, finding patchy evidence of wrongdoing.
Although there was "no evidence" of collusion among banks, the HKMA found two cases where traders tried to influence the market.
A Hong Kong-based trader with Standard Chartered was found to have asked a colleague to make trades to influence an unidentified "Asian currency" benchmark fixing. There was
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