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In 1997 the percentage of foreign exchange which involved transactions in the real economy was only 2.5%.
Significantly, the bank has now "agreed that the conduct at issue involved transactions of at least $250bn", Mr Lawsky said.
"This area is different from the fraud that the PriceWaterhouse Coopers forensic team is looking at, which involved transactions that did not exist," Mr. Brimmer said.
The data, stored in more than 2,500 files, involved transactions spanning from March 2008 to several days in June of this year.
Instead, the test was whether the suit involved "transactions in securities listed on domestic exchanges and domestic transactions in other securities".
In a statement announcing the settlement, Mr. Lawsky said, "The parties have agreed that the conduct at issue involved transactions of at least $250 billion".
Similar(42)
The supposedly competitive markets did not involve transactions between equals.
It often involves transactions in which money does not necessarily change hands.
Illegal corporate tax shelters involve transactions that have no economic significance but create the appearance of legitimate expenses that can be deducted.
"This case involves transactions that occurred 12 years ago that had little if any nexus or connection to the United States," Mr. MacTaggart said.
Most trade involves transactions between commercial entities.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com