What happens when the way we buy, sell and pay for things changes, perhaps even removing the need for banks or currency exchange bureaus? That’s the …
How Banks Manipulate Retail Forex Traders Day Trading Strategy
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South Africa is the largest economy on the continent, home to the mostsophisticated, vibrant, constantly developing financial market. It has recently caught the attention of international forex brokers all setting up offices in the country to explore the market.
Uprise Markets has launched retail forexCFDlounges and expectations are high that this will boost the brand’s entry into the South African market.
The lounge concept is ground-breaking and a most highly anticipated opportunity for retail traders from all walks of life, as they will be trained there.
The company pursuit is to become the leading competitive brand in the increasing forexCFD trading market in South Africa and Africa at large….///
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NY Fed: FX swaps with foreign central banks total 0 million in latest week
NEW YORK (Reuters) – The Federal Reserve provided 0 million of liquidity to foreign central banks in the latest week via its swap lines for foreign central banks, the New York Fed said on Thursday.
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Common Craft about The Foreign Exchange Market – Realized by Fabienne Deville (Assistant Professor in Finance) with the help of the NTE team, HEC-ULg – Voice by David Homburg
Originally published on 21 May, 2015
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After a 19-month long investigation, several global banks have agreed to pay penalties to the U.S. Justice Department and the Federal Reserve for rigging the foreign exchange market.
Five banks were fined a total of around US .6 billion after pleading guilty to manipulating the foreign exchange market on Wednesday. Bank of America was fined separately by the U.S. Federal Reserve.
According to the investigation, senior traders from each bank met in a private chat room daily and used coded language to discuss moving the daily benchmark exchange rates set for the USD and the Euro. The exchange rate benchmarks are calculated each day based on actual buy and sell transactions conducted by forex traders, and using the median rate of all trades that go through within a one minute period around 4 p.m. GMT.
In the chat rooms, the traders exchanged pending client orders. With knowledge of an impending exchange, a trader may sell his Euros for USD before 4 p.m. Hoping to then bring down the price of the Euro, the trader and his counterparts at other banks will aggressively sell Euros from their ‘sell-Euro’ client orders. This skews the market’s impression of supply and demand, thereby bringing down the price of the Euro.
The trader is then able to buy back Euros with the U.S. dollars he had previously exchanged Euros for, and pockets the profits earned.
The resolution of the U.S. investigation includes some of the largest fines ever levied by the U.S. Justice Department for antitrust violations. UK and Swiss financial regulators are conducting their own separate investigations into the ‘forex scandal.’
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