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Some of the key points in the Forex rigging scandal.Read the full story ›
Economic Secretary to the Treasury Andrea Leadsom has called the foreign exchange rigging scandal "disgusting."
Speaking on BBC Radio 4's Today Programme, she said:
Every taxpayer will be completely horrified to see that throughout that period of the financial crisis where taxpayers were bailing out the financial system, there was still a group of foreign exchange traders, and other traders, who decided they would rig the system to suit their bonuses - and that is absolutely disgusting.
I do not know if corruption is a strong enough word for it.
The transcripts show many examples of employees at several banks discussing how to rig the Forex rates in private chat rooms.
In this example, a group of traders from a British bank share information prior to the 4pm 'fix' and discuss their actions, congratulating each other.
And in this exchange, some traders from a different banking group share "ammo" to enable each other to maximise their returns.
The Financial Conduct Authority said traders at different banks formed tight-knit groups to share information about client activity, including using code names to identify clients without naming them.
Names given to these groups included "the players", "the 3 musketeers", "1 team, 1 dream", "a co-operative" and "the A-team". Traders shared the information obtained through these groups to help them work out their trading strategies.