was discussed in front of officials, but the Bank of England denies this interpretation. Regulators are particularly focusing in on one small exclusive chatroom which was variously called The Cartel or The Mafia. Prices change according to supply and demand. 49 Taylor, Forex Scandal. Accessed July 8, 2015.
The chatroom was used by some of the most influential traders. The main motivation for these traders to manipulate the rates was actually to boost end-of-year bonuses awarded for being a part of a team that consistently made higher profits.
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28 These are only several of the distinct claims accepted by utilitarian theorists, but they provide a basic understanding of the theory, which will be applied to the case of JPMorgan in the Forex Scandal to evaluate the ethics of the acts in this case. The FCA said these trades were designed to take advantage of the expected upwards movement in the fix rate following the discussions within the chatroom. Retrieved 22 November 2014. 31 Reforms edit Respective authorities have announced remediation programmes aimed at repairing trust in their banking systems and the wider foreign exchange market place. "Order to Cease and Desist" (PDF). 19 However, the rigging does mean sometimes holiday makers end up paying more for their vacation money as a result of the currency manipulation. 20 Lumsden, How the Foreign Exchange Trading Scandal Affects You. Swiss Financial Market Supervisory Authority. 33 Levine, Banks Manipulated Foreign Exchange in Ways You Cant Teach. Barrett, Claer, and John Aglionby. The FCA determined that between the five banks failed to manage risks around client confidentiality, conflict of interest, and trading conduct.
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