HSBC, Credit Suisse, Barclays and RBS Fined $400 mln over ‘Sterling Lads’ forex cartel

Discussion in 'Wall St. News' started by mlawson71, Dec 6, 2021.

  1. mlawson71

    mlawson71


    The European Commission imposed a collective fine of almost 400 million US dollars
    on four different major banks: SBC Holdings Plc, Credit Suisse Group AG, Barclays Plc, and Royal Bank of Scotland Group Plc. The reason for the fine was their role in the so-called “Sterling Lads” Forex cartel.

    Those four banks were found guilting of manipulating the market through sharing confidential information and trading plans, using an online chat room that was named “Sterling Lads”.

    According to the Commission’s statement, the cartel was managed by traders who shared information that allowed them to “to make informed market decisions on whether and when to sell or buy the currencies they had in their portfolios, as opposed to a situation where traders acting independently from each other take an inherent risk in taking these decisions.”

    The investigation into the cartel has been going on since 2013.

    The commission showed leniency to a fifth bank, named UBS Group AG, and did not fine it with 94 million because it left the cartel in the first place.

    It’s scandals like this that makes traders think that the market is sometimes manipulated. :(
     
  2. Sidiusss

    Sidiusss

    Good to know, thanks!
     
  3. Sprout

    Sprout

    And turning whole generations of folks against legacy TradFi.
     
  4. Ginabauta

    Ginabauta

    Thanks for sharing!
     
    mlawson71 likes this.
  5. Sidiusss

    Sidiusss

    Let's clarify te fact that it doesn't mean that all traders do what they did. The majority of traders are simple people who want to just earn some extra money. I am in this domain for years, but it isn't my full time job and unfortunately, I can't always be attentive to everything, so I looked for some tools to help me. I started to use Forex robots and I don't regret it, as I started to gain more money than I used to. If you want to find out more about them, read this https://forexstore.com/review.
     
    Last edited: Dec 19, 2021
  6. mlawson71

    mlawson71

    I think only the traders who were actively involved in the sharing of information are guilty, of course.
     
  7. nitrene

    nitrene

    When will these governments do what AG Rudy Giuliani did to Milken, Fred Joseph, et al at Drexel Burnham Lambert and shut these scumbags down and jail them?

    $400 million fine? What a joke. Whats that like a weeks profit from this mafia.
     
    AKUMATOTENSHI likes this.