Forex Cartel Strikes AGAIN!
The new ring of traders known by the forex community as "The Dream Team" or "The Cartel" used a coordinated trading strategy
NEW YORK Dec 2013(TheStreet) -- Global price fixing in the foreign-exchange market is still making headlines. Regulators are now watching chat rooms, used by major investment banks, to catch crooks -- a practice many say is long overdue.
Reports of a foreign-exchange cartel surfaced in June, stating that a handful of large forex traders were colluding to manipulate benchmark rates. The traders were employed by competing investment banks.
Through the use of instant messaging in online chat rooms, they were allegedly able to coordinate trading strategies, the reports said. The scandal rocked the investment community that had dealt with news involving the rigging of the London Interbank Offered Rate months earlier.
To shun the appearance of evil, JPMorgan Chase (JPM_), Credit Suisse (CS_), USB (USB_), Citigroup (C_) and Deutsche Bank (DB_), among others, are reportedly paying closer attention to their FX traders; some traders are getting axed and interbank chat rooms may soon be banned.
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