255 million with Royal Bank of Scotland. The German lender is the 15th of 16 banks to settle the private investor litigation, for a total payout.31 billion. He said the sentence should send a clear message of deterrence to others working in the world of banking and finance that those convicted of dishonestly manipulating interest rates will face lengthy custodial sentences. He will never again be able to work in the job at which he legitimately excelled, he added. Heaven forbid you lose your bank money, so get selling pounds in the 60 second window youll get a higher price and move the price down so you can buy them cheaper off your customer at the end of that manic minute. Manipulation was allegedly done through chat rooms with such names as The Cartel and The Mafia, and tactics known as front running, banging the close and painting the screen.
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Painting the screen, not a Japanese art form, but indulging in some fake trading with your Mafiosi mates to get that rate going where you want. Given the size of the FX market, orders need to be pretty hefty to sway the rate, even in a 60-second window (although if people are colluding the rates going to be simpler to set, especially if your client wants to change a less widely. Trading currencies so that exchange rates reach stop-losses a point in a contract where something is automatically sold off so no more is lost. The investors law firms, Scott Scott and Hausfeld LLP, called the Deutsche Bank accord more than reasonable given that the bank had fewer indicia of liability than others. The bank denied wrongdoing. Hammer the phones, with all the dollars and quids swirling around the City, someones got to pin down prices for them.
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