Is forex market controlled by someone? - page 4
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each country has their own rules and regulation for forex trading in it. So, I want w, there is any organization,companies,
agency or authority which makes rules and regulation for world-wide forex trading
each country has their own rules and regulation for forex trading in it. So, I want w, there is any organization,companies,
yes there are, every broker has their own rule. A company will not be a company without rules. You can search it online I am sure there are lots of brokers who has rules.
when are they bringing in goal line technology, been on about it for some time now..
Hello users of this forum! “Is forex market controlled by someone?” – Frankly speaking this question always worried me. I’m a common trader and as forex is one of the way of making money for me, I always wanted to know whether price is controlled by somebody. Thank You, Mladen, for your posts, they are very informative, especially about “how to control information”.
p.s. Guys, didn’t you notice during your trading when all news and technical analysis show on price’s bullish move, for instance, and all traders start to BUY, but price suddenly starts to move down? What is it? Is it bad technical analysis, may be news is wrong or, maybe price is CONTROLLED? Maybe, for somebody is better to start artificial bearish trend in order to make money on traders’ loss? I can’t find the answer to this question.
As far as I know, each country has their own rules and regulation for forex trading in it. So, I want to know, there is any organization, agency or authority which makes rules and regulation for world-wide forex trading.
this post is a bit humerus
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One more that could be posted in news thread, but I think that it is better to have it here :
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Analysis: Knight trading loss shows cracks in equity markets
The software glitch that cost Knight Capital Group $440 million in just 45 minutes reveals the deep fault lines in stock markets that are increasingly dominated by sophisticated high-speed trading systems. But Wall Street firms and regulators have few easy solutions for such problems.
Automated trading can handle massive volumes of transactions in milliseconds, something human traders could never do. But the benefits come at a cost: stock markets have become a jumble of exchanges, market makers, high-frequency traders, and investors using different systems that can interact in unexpected ways.
The May 2010 'Flash Crash', in which U.S. stocks inexplicably sank in a matter of minutes, illustrated how technological problems can cascade. These sorts of problems may be more likely given that many market participants are under pressure to cut costs - including technology spending - as trading margins narrow and regulation costs increase.
Since April, a series of embarrassing and costly technology issues have rocked markets and shaken the confidence of investors.
BATS Global Markets, an exchange, was unable to complete its own initial public offering because of a technical problem. Nasdaq botched the market debut of Facebook due to technical glitches, costing it tens of millions of dollars, while UBS AG lost more than $350 million in trading Facebook shares and is blaming Nasdaq.
"The structure just may be too complicated to work," said Larry Tabb, founder of Tabb Group, a consulting firm that focuses on capital markets.
"We may need to think about changing the structure of the market to simplify this," Tabb added.
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full story
Banks Seek ‘Scientific’ Libor Process, FSA’s Wheatley Says
The U.K.’s chief markets regulator said banks that set the Libor interest rate are seeking a “scientific” process that will limit future liability from the scandal-ridden benchmark.
Lenders on the Libor panel, which include Royal Bank of Scotland Group Plc and Barclays Plc (BARC), would prefer the London interbank offered rate be set “on a very clean basis that takes their risk down,” Martin Wheatley, the managing director of the Financial Services Authority, said in an interview. A “trade reporting mechanism” to calculate the figure based on actual data is one option he is considering as part of proposals to reform Libor released today.
Wheatley, 53, is conducting a review of the oversight and setting of Libor after Barclays, the U.K.’s second-largest bank, was fined a record 290 million pounds ($453 million) by U.S. and U.K. authorities. Barclays admitted to attempting to rig rates to benefit its own derivatives trades and to appear healthier during the financial crisis. At least 12 banks, including RBS (RBS) and Deutsche Bank AG, are being investigated for manipulating Libor and related benchmarks around the world.
The banks “are very clearly apprehensive because of the record fine that was pinned on Barclays,” said Wheatley, who is designated to become chief executive officer of the Financial Conduct Authority when the FSA is split in two next year. “They want as quickly as possible to have a Libor that works and doesn’t expose them” to regulatory and legal risks.
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full article
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PS: if true, this could even be a good news and could lessen the reasons why, after recent scandals, nobody believed and still does not believe that the market is not controlled for one, and one reason only : to rip off people in order to maximize profits of "institutions"
Libor review: Wheatley says system must change
The current Libor rate-setting system is no longer a "viable option", a government-commissioned review said.
It has proposed pegging the rate to actual market data, rather than subjective submissions from banks, and introducing formal regulation.
Stronger sanctions to tackle abuse of the system are also included in the initial discussion paper, which aims to restore credibility.
Barclays was found to have tried to rig Libor rates over several years.
The review was established after the UK bank was found to have tried to manipulate Libor rates by putting in inaccurate submissions, resulting in a record £290m fine in June from both US and UK regulators.
Several other banks in other countries are also under investigation.
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full article
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The story continues :
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Knight, whose market-making unit executes 10 percent of U.S. equity volume, lost $440 million on Aug. 1 and its stock has plunged 73 percent after a computer malfunction bombarded the market with unintended orders that exchanges declined to cancel. A decade ago, the firm suffered almost no consequences in a similar breakdown when officials agreed to void trades after Knight mistakenly sold 1 million of its own shares.
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In small letters : those were orders that were never meant to be executed