Riksbank's Jansson says intervention 'definitely' a possibility if situation worsens - General

thenews 2015.09.15 05:36 #471

Riksbank's Jansson says intervention "definitely" a possibility

Definitely a possibility? Gotta love central bank double speak

potential SEK intervention discussed by Riksbank
SEK rate can help inflation in the short term

Riksbank gov adding his own two-krona worth to the fx/inflation argument

wants krona to appreciate slowly
recent krona appreciation " not favourable", "not very good"
Riksbank needs help from krona
fx intervention more likely if situation worsens

Seems a case of cart and horse for the Swedish CB gov

ECB QE could theoretically Forex News (from InstaForex) Sweden s Riksbank Prepares

thenews 2015.09.15 20:06 #472

Explosive Allegation: Citigroup Leaked Central Bank Trading Activity

For years we had been wondering when it would start: by "it" we mean angry ex-bankers, disgruntled due to either the terms of their termination, their compensation, or generally unhappy with their treatment by their former employee, standing up and blowing the whistle on crimes they witnessed while (un)happily employed.

Then, over the past month, the answer has emerged as not one, not two, but at least six individual case have emerged in which former currency traders at Citigroup, HSBC, Lloyds and other banks have seen former employees sue their previous bosses. As Bloomberg reports, "some of the traders say they were unfairly swept up in clear-outs of currency desks at the center of regulatory probes into the manipulation of foreign-exchange markets."

And now they want revenge.

The reason for the wrath is that as a result of the crackdown on FX manipulation more than 30 traders were fired, suspended or put on leave over the last two years. However, as the Tim Hayes of Libor manipulation "rain man" fame has shown, in many cases those fired were merely the lowest men on the totem pole, and their termination was meant to cover up the crimes of individuals much higher up in the food, and value, chain. Indeed, Bloomberg adds, in the years after the 2008 financial crisis, fired bankers were telling London employment judges they had been made scapegoats for systemic failings.

Since most employment claims in the U.K. must be filed within three months of a dismissal to be allowed to proceed, they tend to come in clusters: and once one former worker shows there is little to lose, others quickly join in.

More importantly, since damages in employment cases are normally capped at about 78,300 pounds ($121,000), unless there is a finding of discrimination or the claimant wins status as a whistle-blower, employees are suddenly incentivized to expose all the crime they have been directly or indirectly witnessed to make sure their last potential parting gift from the financial industry is large enough.

And since few have the desire or eligibility to work in finance, they may as well go out with a bang: currency traders have little to lose by filing employment claims, according to James Davies, a London-based employment lawyer at Lewis Silkin. “If your reputation is already tarnished in the financial services sector then you’re less likely to be concerned by any adverse publicity arising from making a claim,” he said. “You’re also more likely to have the resources to make it possible to litigate.”

Here are some examples of the already filed cases, chronicled by Bloomberg:

Carly McWilliams, Perry Stimpson, David Madaras and Robert Hoodless all filed suits against Citigroup after they were fired amid the bank’s internal rigging investigation. Serge Sarramegna and Paul Carlier are suing HSBC and Lloyds for unfair dismissal and so-called public interest disclosure, or whistle-blowing, in relation to foreign-exchange practices. Only Stimpson’s case has reached trial so far. Carlier’s case could start as soon as Wednesday, the same day as a trial involving another Lloyds employee, Andrew Reed, is scheduled to begin. Including two discrimination complaints, as many as four banker lawsuits could be heard in London employment tribunals tomorrow.

Of all those, the case of Stimpson is by far the most interesting one.

Precious Metals Manipulation Worse U.S. looking at alleged Eur/usd

techmac 2015.09.29 09:57 #475

So many evidence from all the side

Does anybody still believes that the market is not "controlled"?

seekers 2015.10.11 08:41 #476

Howard Davies, "Can Financial Markets be Controlled (Global Futures)" : the book

The Global Financial Crisis overturned decades of received wisdom on how financial markets work, and how best to keep them in check. Since then a wave of reform and re-regulation has crashed over banks and markets. Financial firms are regulated as never before.

But have these measures been successful, and do they go far enough? In this smart new polemic, former central banker and financial regulator, Howard Davies, responds with a resounding ‘no’. The problems at the heart of the financial crisis remain. There is still no effective co-ordination of international monetary policy. The financial sector is still too big and, far from protecting the economy and the tax payer, recent government legislation is exposing both to even greater risk.

To address these key challenges, Davies offers a radical alternative manifesto of reforms to restore market discipline and create a safer economic future for us all.

techmac 2015.10.11 19:03 #477

seekers:
Howard Davies, "Can Financial Markets be Controlled (Global Futures)" : the book

Good book. Maybe helps to some to understand

myname 2015.10.12 11:29 #478

techmac:
Good book. Maybe helps to some to understand

Even if people are presented a million pieces of evidence, they will not believe it.

name 2015.10.25 22:37 #479

nbtrading:
Re: Is forex market controlled by someone? Even if people are presented a million pieces of evidence, they will not believe it.

It is because we are not on a controlling side

seekers 2015.10.27 15:02 #480

Bruce Johnson, "The Hedge Fund Fraud Casebook" : the book

An in-depth, well-researched look at 100 hedge fund frauds

Compared to mutual funds, hedge funds are the James Bonds of the marketplace. They have been relatively unfettered by government regulation, and they play bigger games, take bigger risks, use unorthodox methods, and have the power to capture the public imagination in a way that their lesser counterparts have difficulty approaching. At once fascinating and startling, The Hedge Fund Fraud Casebook pres readers with a broad knowledge of hedge fund regulation through a look at the first 100 cases of proven fraud at hedge funds.

Compiling concrete data on cases of hedge fund fraud, The Hedge Fund Fraud Casebook pres you with a factual foundation for assessing this difficult area of risk.

First comprehensive survey of hedge fund fraud including 100 chronological fraud cases

Includes descriptions of each case, diagram of the player interaction, and tables detailing monies recovered, fines paid, prison terms, and professional sanctions

Useful for both individual and professional investors, particularly given the last eighteen months of fraud and mismanagement among leading financial professionals and companies

The Hedge Fund Fraud Casebook pres a hedge fund professional's look at fraud and can help you prevent or avoid similar frauds in the future. It's a vital resource for any hedge fund manager or investor.

Files:

cover_5.jpeg 18 kb

Is forex market controlled by someone? - page 48