What is Forex scandal?
{{wikify|date=March 2022}} '''The Forex scandal''' was a financial [[scandal]] discovered in 2013. For at least a decade, some of the world's biggest [[currency]] exchange [[Bank|banks]] worked together to control the daily foreign [[Exchange rate|exchange rates]]. == History == === Bloomberg article === In June 2013, according to [[Bloomberg News]], some currency traders admitted manipulating the foreign exchange [[benchmark]]. Foreign exchange rates are set based on this benchmark. Working together, on a daily basis, these individuals were deliberately trading just before and during the 60-second window when the benchmark rates were set. This allowed them to control the foreign exchange benchmark, and thus control the daily foreign exchange rates. The behavior occurred daily in the spot foreign-exchange market and went on for at least a decade, according to traders cited by Bloomberg. === Official investigations === After the Bloomberg article, [[market]] regulators in [[Asia]], [[Switzerland]], the [[United Kingdom]], and the [[United States]] began investigating the $5.3 [[trillion]]-per-day foreign-exchange market.<ref>{{Cite news|date=2015-05-20|title=How the forex scandal happened|language=en-GB|work=BBC News|url=https://www.bbc.com/news/business-30003693|access-date=2022-03-11}}</ref><ref>{{Cite news|last=Liam Vaughan, Gavin Finch, and Ambereen Choudhery|first=|title=Traders Said to Rig Currency Rates to Profit Off Clients|work=Bloomberg News|url=https://www.bloomberg.com/news/articles/2013-06-11/traders-said-to-rig-currency-rates-to-profit-off-clients}}</ref> Regulators investigated at least eleven multinational banks. These included [[Deutsche Bank]], [[Continental Europe|continental Europe’s]] largest [[Loan|lender]]; the British banks [[Barclays]] and [[HSBC]]; and the American bank [[Goldman Sachs]]. Senior currency traders were suspended, or placed on leave, by Barclays, Citigroup, and [[JPMorgan Chase]]. == References == {{reflist}} [[Category:Financial and banking scandals]]