Is forex market controlled by someone? - page 18
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Goldman Sachs Is Being Investigated For Its Hiring Practices, High Frequency Trading
Goldman Sachs Group Inc disclosed on Friday that it was being investigated over its hiring practices outside the United States.
The Wall Street Journal reported earlier this week that the U.S. Securities and Exchange Commission had expanded its probe into the hiring practices of at least five U.S. and European banks in Asia, including Goldman.
The SEC is examining whether the banks or their employees violated anti-bribery laws by hiring relatives of well-connected officials, the WSJ reported.
Goldman, in a quarterly filing on Friday, did not provide any details of the investigation into whether it was in compliance with the U.S. Foreign Corrupt Practices Act.
Goldman also said it was a defendant in a class-action lawsuit related to high frequency trading, filed in the U.S. District Court for the Southern District of New York on April 18.
No. Forex market is controlled by globally. All peoples controls it. It is just a medium to buy or sell currency. Which you can make online in a second and with taking a huge amount of leverage you can trade a big amount of money and earn a lot in a single time while the pips are changing. You will make profit or loss in this market.
Ex-Barclays executives face fraud office questioning
Several ex-Barclays bank executives are expected to be questioned under caution by the UK's Serious Fraud Office over a deal with investors in Qatar in 2008.
They include former chief executive Bob Diamond, who is among about 12 former senior managers due to be quizzed.
John Varley, another ex-chief executive, was also named by the Financial Times as due for interview.
The interviews are part of an inquiry by the SFO into allegations about £322m in payments during the Qatar deal.
According to the Police and Criminal Evidence Act, an interview under caution does not compel someone to answer questions. However, "it may harm your defence if you do not mention when questioned something which you later rely on in court."
The SFO has been investigating claims that Barclays paid £322m in fees to investors in order to gain their support for a £5bn fundraising.
Barclays raised the finance as the global financial crisis unfolded.
A spokesman for Mr Diamond said that the banker "will continue to assist wherever he can on anything related to Barclays, but he is unable to comment on any specific inquiry".
Mr Diamond works in the US, but visits the UK regularly and is expected to schedule an appointment with the SFO over the next few weeks.
Barclays faces a £50m fine from the Financial Conduct Authority over the Qatar payments. The FCA said the bank "acted recklessly" and breached some disclosure rules. However, Barclays is contesting the fine and says the fees were for advice.
Barclays and the SFO declined to comment, while Mr Varley could not be reached.
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Foreign exchange is handled globally between banks and all transactions fall under the auspice of the Bank of International Settlements.
Source: http://www.investopedia.com/ask/answers/08/what-is-foreign-exchange.asp
Did anybody read what are brokers and banks doing t the "free" forex market?
It is anything but not controlled. The ones with a big money are doing what they please with forex
Fmr. SAC portfolio manager Steinberg gets 42 months in prison
Former SAC Capital portfolio manager Michael Steinberg was sentenced to 42 months in prison on Friday, according to media reports. Steinberg was sentenced after being found guilty for insider trading and was hit with a $2 million fine. He was also asked for forfeit $365,000. Prosecutors had suggested a six-and-a-half-years sentence for the conviction.
The 42-year-old is the eighth current or former SAC Capital employee to be convicted of insider trading. The hedge fund, founded by Steve Cohen, pleaded guilty to inside trading charges last year and paid $1.8 billion to settle civil and criminal charges.
Credit Suisse guilty plea likely to be announced on Monday
Credit Suisse's guilty plea to U.S. criminal charges is likely to be announced after the market closes on Monday, three sources said.
Under a settlement, Credit Suisse is expected to pay over $2 billion to U.S. authorities to resolve charges it helped Americans evade taxes. The Swiss bank has been in negotiations with the U.S. Department of Justice, the U.S. Federal Reserve, and the New York State Department of Financial Services.
Spokesmen for Credit Suisse and the New York State Department of Finance as well as a spokeswoman for the U.S. Federal Reserve all declined to comment. A representative from the Department of Justice was not immediately available for comment.
A criminal guilty plea would be unusual for a financial institution. Authorities have not often sought criminal convictions against a company, fearing the action would put the firm out of business and result in lost jobs for employees that had nothing to do with any crime.
The Wall Street Journal reported on Monday that Chief Executive Officer Brady Dougan and Chairman Urs Rohner will retain their jobs under the settlement, citing a source.
Last week, sources told Reuters the settlement was expected to be about $2.5 billion, with about $2 billion going to the U.S. government, while the New York's Department of Financial Services potentially would get another $500 million or more. The bank feared that a bigger settlement would threaten its credit rating, a source said.
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EU Commission charges HSBC, JPMorgan, Credit Agricole with rigging
European Union antitrust regulators charged HSBC, JPMorgan and Credit Agricole on Tuesday with rigging financial benchmarks linked to the euro, exposing them to potential fines.
"The (European) Commission has concerns that the three banks may have taken part in a collusive scheme which aimed at distorting the normal course of pricing components for euro interest rate derivatives," the EU competition authority said.
The three banks could face penalties of up to 10 percent of their global turnover if found guilty of breaching EU antitrust rules.
In December a record 1.7-billion-euro ($2.3 billion) fine was levied on six banks including Deutsche Bank, Royal Bank of Scotland and Citigroup for similar offences. The lenders settled their charges and received a 10-percent cut in their fines.
The Commission did not provide details about broker ICAP which is under investigation for suspected rigging of the yen Libor financial benchmark.
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JPMorgan, HSBC and Credit Agricole accused of euro rate-fixes
The European Commission has accused JPMorgan, HSBC and Credit Agricole of colluding to fix a key euro benchmark borrowing rate - Euribor.
JP Morgan and HSBC will fight the charges. Credit Agricole will study the European Commission's findings.
Penalties for the guilty are up to 10% of annual revenue.
Euribor is a cousin to Libor, which is used to set trillions of dollars of financial contracts from complex financial transactions to car loans.
In December, the Commission imposed fines totalling 1.04bn on Barclays, Deutsche Bank, RBS and Societe Generale as part of the same investigation.
Barclays escaped a fine as it had notified the Commission of the existence of the cartel, and the others were granted a 10% reduction in their fine for agreeing to a settlement.
The EU's competition body said: "The Commission has concerns that the three banks may have taken part in a collusive scheme which aimed at distorting the normal course of pricing components for euro interest rate derivatives."
JP Morgan said it had "co-operated fully with the European Commission throughout its investigation." The bank said it believed that the competition concerns were "without merit", and added it intended to "defend itself fully".
HSBC said: "We intend to defend ourselves vigorously."
Cartel?
The Commission's investigation has centred around concerns that the banks may have manipulated the pricing of interest rate derivatives - financial products which are used by banks to manage risks associated with interest rate fluctuations.
The products derive their value from "Euribor", a benchmark interest rate which is the eurozone equivalent of Libor.
In March 2013, the Commission opened proceedings regarding Credit Agricole, HSBC and JPMorgan, and the investigation as whether they were part of a Euribor rate-rigging cartel is continuing.
Should the banks be fined, they will not receive any reduction in penalties, competition commissioner Joaquin Almunia said.
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If we add up all the fines that they have payed it would add up to a GDP of some smaller country.
And whose money are they using to pay those fines? Who is actually punished? When you go to a banks and they refuse to give you your money because you do not have a good enough reason to raise a certain amount, think about it