Article How The Forex “Fix” May Be Rigged

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The colossal size of the global foreign exchange (“forex”) market dwarfs that of any other, with an estimated daily turnover of $5.35 trillion, according to the Bank for International Settlements’ triennial survey of 2013. Speculative trading dominates commercial transactions in the forex market, as the constant fluctuation (to use an oxymoron) of currency rates makes it an ideal venue for institutional players with deep pockets – such as large banks and hedge funds – to generate profits through speculative currency trading. While the very size of the forex market should preclude the possibility of anyone rigging or artificially fixing currency rates, a growing scandal suggests otherwise.
The Root Of The Problem: The Currency “Fix”The closing currency “fix” refers to benchmark foreign exchange rates that are set inLondonat 4 p.m. daily. Known as the WM/Reuters benchmark rates, they are determined on the basis of actual buy and sell transactions conducted by forex traders in...

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and why only at 4pm?
is it not possible these traders with large orders ring round their friends and do the same thing at other times.
'ive got a large order.lets hit this thing when i get back from dinner' or 'after my afternoon nap' or 'after ive been to the gents'


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How it really is

Elvis Picardo's article exposes the price rigging that goes on in the spot forex market. It's been going on for years and will, probably, continue for several more.
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