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Banking Industry: Forex manipulation further undermines trust in international banking

A new scandal undermining the reputation of international banking has been added to a long list of previous cases. Under the spotlight this time is a group of leading institutions in Europe and the US.
Analysts say a regulatory void underlies the accusations and subsequent multi-million dollar fines resulting from foreign exchange market manipulations.

As the British financial control authority issued one of the most expensive fines in its history, experts expressed the view that it may not be the last scandal in the sector.

Trust is now at a tipping point as investors consider changing their investment to other trading destinations.

American and British authorities, fined six international banks a total of around $6 billion – about 5.5 billion euros – for manipulating foreign exchange rates. JP Morgan, Citigroup, Barclays. and Royal Bank of Scotland confirmed their attempts to manipulate currencies, in which prices of daily transactions averaged five trillion dollars.
Read more: Forex manipulation further undermines trust in international banking | euronews, Business Middle East

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