Traders Said to Manipulate Currency Rates
June 12 (Bloomberg) -- Bloomberg's Liam Vaughan discusses allegations that the world's biggest banks manipulated benchmark foreign-exchange rates used to set the value of trillions of dollars of investments.
Employees have been front-running client orders and rigging WM/Reuters rates by pushing through trades before and during the 60-second windows when the benchmarks are set, said current and former traders, who requested anonymity because the practice is controversial. Vaughan speaks with Francine Lacqua and Guy Johnson on Bloomberg Television's "The Pulse." (Source: Bloomberg)