Traders Reportedly Rigged Forex Rates

Traders at some of the world’s leading banks have reportedly engaged in manipulative practices to rig forex rates, according to a Bloomberg report. Quoting five people having knowledge of the foreign-exchange market practice, Lim Vaughan, Gavin Finch and Ambereen Choudhury of  Bloomberg reports the banks’ employees have been accused of rigging WM/Reuters rates before and during the 60-second windows when the benchmarks are set. Forex Rates According to the report, dealers colluded with counterparts to boost chances of moving forex rates. The decade-long practice has reportedly been in vogue in the spot forex market, affecting the value of funds and…