German Regulator Says Forex, Gold Manipulation Worse Than LIBOR - Gainesville Coins News
No Minimum order! We accept Pay with Credit Card
Call Us: (813) 482-9300 Mon-Fri 9:00AM-6:00PM EST
Login or Register
Log into your account
About Gainesville Coins ®
Billions Of Dollars Bought And Sold A+ BBB Rating 10+ Years No Hidden Fees Or Commissions All Inventory Ships Directly From Our Vault

German Regulator Says Forex, Gold Manipulation Worse Than LIBOR

blog | Published On by
German Regulator Says Forex, Gold Manipulation Worse Than LIBOR

moneyman

Bloomberg reports that the head of Germany's financial regulation agency that it is investigating allegations of manipulation between the "Too Big To Fail" banks in the currency and precious metals markets. The U.S. and U.K. have already launched probes into corruption in the international forex markets.

Elke Keonig, president of top German financial regulator Bafin, said in Franfort that the charges of currency rigging were “particularly serious, because such reference values are based -- unlike Libor and Euribor -- typically on transactions in liquid markets and not on estimates of the banks.”

Bloomberg reports:

At least a dozen firms have been contacted by authorities and more than 13 traders have been suspended, fired or put on leave in the currency case. Regulators are examining how traders, who communicated in instant-message groups, exchanged information on client orders and agreed how to trade at the time of the fix, five people with knowledge of the probes said last month.

Both German and British regulators have expanded their currency collusion probes to include manipulation of gold and silver prices. U.S. regulators ended their investigations into the silver market last year (some say prematurely) by declaring no wrongdoing.

This site uses cookies for analytics and to deliver personalized content. By continuing to browse our site, you agree that you have read and understand our Privacy Policy.