Banks rigging FX markets

[ffsear]

I see Barclay's and a few other have been fined again over the rigging of FX markets.

I wonder if it would be possible for retail FX trades to join a class action against the banks and claim back all their trading losses in the FX ?

 

[Trader333]

Highly unlikely in my view unless you have clearly documented dates, times and individual trades where you can prove you lost as a result of what they were doing and that you were not using a SB company to trade. It is unlikely that they were fixing trending markets and more likely that they were using huge size and small movmements to make profits on those movements.

 

[Lord Flasheart]

Highly unlikely in my view unless you have clearly documented dates, times and individual trades where you can prove you lost as a result of what they were doing and that you were not using a SB company to trade. It is unlikely that they were fixing trending markets and more likely that they were using huge size and small movmements to make profits on those movements.

Surely the fact that it was corrupt means that anyone can claim the market was unfairly influenced throughout the day as they were preparing for their trade.
That being the case,even profitable traders and sb firms could claim.

 

[Trader333]

They could but you would still need to prove it and the movements are likely to have been so small that it is noise to most retail traders in my view. Banks look for small movements with large size, where-as a lot of retail traders are looking for larger movements. It will be interesting to see if any report comes out of exactly what they did and when.

 

[hhiusa]

Banks Fined in Forex Rigging

Highly unlikely in my view unless you have clearly documented dates, times and individual trades where you can prove you lost as a result of what they were doing and that you were not using a SB company to trade. It is unlikely that they were fixing trending markets and more likely that they were using huge size and small movmements to make profits on those movements.

http://www.bloomberg.com/news/articles/2014-11-12/banks-to-pay-3-3-billion-in-fx-manipulation-probe

 

[ffsear]

They could but you would still need to prove it and the movements are likely to have been so small that it is noise to most retail traders in my view. Banks look for small movements with large size, where-as a lot of retail traders are looking for larger movements. It will be interesting to see if any report comes out of exactly what they did and when.

I don't think so. If you been trading a rigged market. You should have a case. You don't need to prove anything. By not contesting the fines, the banks have accepted liability. Its already been proved.

 

[Trader333]

You would still need to prove you were in a trade at the times and dates they are proven to have been fixing a market and getting a couple of pips back which is what is likely is not going to make much difference. Also what about successful trades that were taken at the same time ? How would you prove that you would have profited if they had not been manipulating ?

The fact that they have accepted responsibility is a different ball game to accepting that individual traders have had a net loss as a result but I am happy to be proved wrong and look forward to the class action which will need financing upfront. The bizarre thing is that I know of traders who have traded based on knowing that a market is being manipulated and taking advantage of that being the case.

 

[tar]

Trader333 is right spread punters and retail FX traders don't have a case , you are not trading with these banks so based on what they should compensate you ? Impossible . And the rigging is most likely was around certain times "fixing" to take advantage of certain orders , that's not news not the first time we hear this . BTW that doesn't necessarily mean that the other side - of these banks - have lost money because of that rigging ...

 

[ffsear]

Trader333 is right spread punters and retail FX traders don't have a case , you are not trading with these banks so based on what they should compensate you ? Impossible . And the rigging is most likely was around certain times "fixing" to take advantage of certain orders , that's not news not the first time we hear this . BTW that doesn't necessarily mean that the other side - of these banks - have lost money because of that rigging ...

Just because you not trading directly with them, you are still trading around numbers that they produce/rig. IMO that means that would be a third party to any
action and could be held liable for the voiding of retail fx trades. This would mean punters going after their broker and the broker goin after the banks.

Not that this would ever happen.

 

[highbury fx]

I see Barclay's and a few other have been fined again over the rigging of FX markets.

I wonder if it would be possible for retail FX trades to join a class action against the banks and claim back all their trading losses in the FX ?

lol, yes good idea.

if I was to give you one tip it would be to not hold your breath whilst you're waiting for your refund.

 

[ffsear]

Thankfully i trade FX once in a blue moon!

Not that i think it would ever happen, and it would be a matter for case law as nothing like this have ever been to court. Would be interesting to see how the courts view the relationship between retail FX traders and the Banks and if the banks have any duty of care towards them.

 

[Forexmospherian]

My total FX Intraday trading method is based mainly on the fact that the banksters cheat and deceive and therefore when ever you see a set up on a normal 1 hr 4 hour chart that looks at though its a "dead cert " for a rise - then beware - manipulation in play.

In fact when I have losses - I reckon its the only time the Banksters are playing with straight bat - and not up to their funny games ;-)

I always remember the quotes in the early 2000's when I was starting currency trading - ie

This market is not like stocks and shares market - there is no "insider dealing" - its far too big a market for that - so you dont have to worry about the Bank monopolies and insider dealing etc etc

 

[Lord Flasheart]

I mostly agree,its very unlikely we would ever get anything,but if we are trading through a sb firm whos prices have been manipulated then there is always a chance,heres hoping.

 

[Abeer Saba]

hello ffsear,

here's the thing when you start trading with any firm you automatically agreeing to the terms of uses they offer even if its not clear, its widly knowing that banks manipulate the prices of fx market but do we as a public stand a chance to claim ?! yes if we can be gathered to prove it, if you look back with history the public never been heared till they gathered to scream !! now am not saying go gather the public & cause disturbing no theres a legit & better way of doing it just try to get a solid prove and show your case to the curt house if you happen to find people like you with a solid prove then its better if not you will be enough to the curt house if you had a solid prove but make sure it does worth your while .

Good Luck !!