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Holding bankers to accountA decade of market manipulation, regulatory failures and regulatory reforms$
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Oonagh McDonald CBE

Print publication date: 2019

Print ISBN-13: 9781526119438

Published to Manchester Scholarship Online: September 2019

DOI: 10.7228/manchester/9781526119438.001.0001

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PRINTED FROM MANCHESTER SCHOLARSHIP ONLINE (www.manchester.universitypressscholarship.com). (c) Copyright Manchester University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in MSO for personal use.date: 21 September 2021

Manipulating the foreign exchange market

Manipulating the foreign exchange market

(p.164) Chapter 7 Manipulating the foreign exchange market
Holding bankers to account

Oonagh McDonald

Manchester University Press

This chapter uses evidence collected by regulators to demonstrate how dealers’ practice of acting as principals rather than agents put their clients at risk. Containing extensive excerpts from traders’ communications, it demonstrates how they managed their manipulations and in what environment it all took place.

Keywords:   Trading ahead, Financial Conduct Authority, Barclays, UBS AG, Royal Bank of Scotland, HSBC, Last look system, BARX, Grabiner report

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