The recent arrest of SA-born Neil Phillips in connection with currency manipulation may encourage the Competition Commission in its seven-year battle to prosecute banks accused of rigging the forex market.
If the US department of justice is to be believed — and who wouldn’t believe it — it seems surprisingly easy to manipulate the foreign exchange market. Or it’s easy enough at least if you’re targeting the rand, happen to have $725m on hand to direct to the exercise and have ready access to one of Bloomberg’s chat rooms.
Then again, the manipulation may only last minutes or even seconds. So perhaps it’s not that easy. But in the DoJ’s latest case, this was sufficient time for an alleged forex manipulator to meet his objectives and score a $20m profit...A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.
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New twist in rand-fixing sagaThe recent arrest of SA-born Neil Phillips in connection with currency manipulation may encourage the Competition Commission in its seven-year battle to prosecute banks accused of rigging the forex market.
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New twist in rand-fixing sagaThe recent arrest of SA-born Neil Phillips in connection with currency manipulation may encourage the Competition Commission in its seven-year battle to prosecute banks accused of rigging the forex market
Read more »
New twist in rand-fixing sagaThe recent arrest of SA-born Neil Phillips in connection with currency manipulation may encourage the Competition Commission in its seven-year battle to prosecute banks accused of rigging the forex market
Read more »
New twist in rand-fixing sagaThe recent arrest of SA-born Neil Phillips in connection with currency manipulation may encourage the Competition Commission in its seven-year battle to prosecute banks accused of rigging the forex market.
Read more »
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