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Economic Secretary to the Treasury: Forex rigging 'disgusting'

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.

– Andrea Leadsom

US regulator releases transcripts from Forex 'fix' chatrooms

The US Commodity Futures Trading Commission has released transcripts from some of the chat rooms traders used to discuss 'fixing' strategies.

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.

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