Forex scandal

The Forex scandal is a financial scandal that involves the discovery that the some of the world's biggest currency exchange banks teamed together for at least a decade to control and rig the daily foreign exchange rates.

Market regulators in Asia, Switzerland, the United Kingdom, and the United States began investigating the $5.3 trillion everyday foreign-exchange market after Bloomberg News reported in June 2013 that currency dealers said they had been front-running client orders and rigging the foreign exchange benchmark. WM/Reuters rates by colluding with counterparts and pushing through trades before and during the 60-second window when the benchmark rates are set. The behavior occurred daily in the spot foreign-exchange market and went on for at least a decade, according to currency traders. At least 11 banks including Barclays, HSBC, and Goldman Sachs disclosed investigations by regulators. Barclays, Citigroup, and JPMorgan Chase all suspended or placed on leave senior currency traders. Deutsche Bank, continental Europe’s largest lender, was also cooperating with requests for information from regulators.