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Regulators globally have been investigating suggestions that some foreign exchange traders have, for years, colluded in the artificial fixing of rates in the $5.3 trillion-a-day foreign exchange market.
This is why my group feels it is clear that the fixing of rates cannot be left entirely to the Member States' discretion.
Similar(55)
The official fixing of exchange rates as limits on either side of parity, outside of which exchange-rate quotations were not allowed to fluctuate, bears a family resemblance to the gold points of the old gold standard system.
Prices of farm products are regulated (raised) in most nations with the intention of improving farmers' incomes, and the fixing of interest rates paid by banks is undertaken to improve bank earnings.
The BBC has learned that banks were aware of problems in the foreign currency markets four years before the Financial Conduct Authority began its investigation into the fixing of exchange rates.
The last decade has seen a steady stream of financial scandals and crises: mortgage frauds, insider trading, the illegal fixing of global interest rates, money laundering, and the rigging of the Treasury bond market.
The affair follows a series of scandals, including the fixing of benchmark interest rate Libor, that have severely damaged the public's perception of the banking industry.
Investigations into the fixing of LIBOR and other rates are also under way in America, Canada and the EU.
The 10 traders from Deutsche Bank and Barclays will be the largest group of defendants to face trial accused of fixing rates: a trial of six former employees of City interbank brokers is currently drawing to a conclusion in London.
It might be a case of fixing the rate of exchange or even agreeing to invoicing in GBP, but it's a major factor.
He was indicted in May 2001 by a federal jury in Manhattan on a criminal charge of fixing the rates that Sotheby's charged to sellers at auction.
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