net client sell orders at the fix and would benefit if it was able to manipulate the WMR fix rate lower. And they jointly agree a trading strategy. After the fix the traders said the following in the chatroom: Nice work gent. . The ECB subsequently published the fix rate for euro-dollar.3092. pity we coldnt get it below the 00 and we need a few more of those for me to get back on track this month. Between them they accounted for 41 per cent of the euro-dollar trade. The traders that attempted to manipulate the foreign exchange markets used chatrooms to share information about currency orders and gave themselves macho pseudonyms such as The players, the A team and the 3 musketeers, the UK financial watchdogs investigation has revealed. A fix is a benchmark rate based on trades taking place in a given time window; and certain fixings, especially the WM Reuters rate used in calculating key global bond and equity indices, are popular with asset managers who want to trade at the same. Firm A is buying 150m at the fix for a top account, adding id prefer we join forces. UBSs order accounted for 29 per cent of the orders at the.15pm fix. At.14.59 UBS placed an offer to sell 100m.3092, 3 basis points below the prevailing best bid.
Simultaneously, in a separate private chatroom, the same hsbc trader informs other traders they should buy cable at the fix: Get lumpy cable at the fix ok he said. The FCA said: We read the word mangle in this context as an attempt to manipulate the fix. so shud have iot rid of main buyer for. . Traders with big orders to process therefore risk losing a significant amount if the market moves against them in the run-up to the fix and the incentive to collude and try to make the exchange rate move in their favour is strong. lets double team. He then says: Get it up to 60/70 then bash the fck out. Firm B then advised Firm C to go late, when the rate will be lower. We have nowt, one trader asks. Other messages showed the traders fear of being found out: dont want other numptys in mkt to know about information exchanged within the group but not only that is he gonna protect us like we protect each other. hopefully decks a bit cleaner. Trading devices, best phones, tablets., and computers for traders0 Topics 0 PostsNo topics yet!