Community
code of silence broken CITI , RBS . BZW . UBS . GSF . ICAP . RABOBANK cartel traders guilty of persistent market abuse .
I struggle to find confidence in our markets when yet again senior players are found guilty of manipulating and abusing our exchanges . The markets have griped for years about market abuse ; layering crossing ; spoofing etc ; yet time and time again exchanges have denied any wrong doings ........... finally the cat is out of the bag ....... Its looks as if they were lying . If the above banks /brokers are guilty of manipulation its safe to say our exchanges are AS guilty of a total failure of regulation ! Exchanges over the years received a multitude of complaints about rigged markets and other blatant abuses yet denied by their market supervision depts. Basically failed to provide "fair and orderly markets " .
Finally as this code of silence breaks and regulators fine and punish the guilty parties perhaps a suspension of trading would be a better punishment than a large fine ? Perhaps BZW not having an fx dept for a week is a fitting punishment . Sadly if the above are guilty then I believe the exchanges cannot be blameless and regulators therefore have to take action against the guilty exchanges !
This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.
James Strudwick Executive Director at Starknet Foundation
13 March
Anoop Melethil Head of Marketing at Maveric Systems
12 March
Alex Kreger Founder & CEO at UXDA
Jamel Derdour CMO at Transact365 - www.transact365.io
10 March
Welcome to Finextra. We use cookies to help us to deliver our services. You may change your preferences at our Cookie Centre.
Please read our Privacy Policy.