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by jackgavigan
3618 days ago
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> Different financial markets have, over long periods of time, evolved standards of behavior that are not, perhaps, entirely honest in the most traditional sense of the word. To outsiders -- and to some less experienced participants in those markets -- those standards can seem shocking, even criminal. To regular participants, they can seem normal, even admirable. Indeed, when I did my trader exams back in 2007, the regulations treated foreign exchange very differently from other asset classes as far as pre-positioning was concerned, because of the way the FX market traditionally functioned (e.g. No centralised exchanges), although I believe the regulations have changed in the past few years (i.e. after this particular incident). It's very telling that the UK regulator presumably didn't see any grounds for prosecution or enforcement action. This is a UK bank dealing with a UK client, in the UK. There's no logical reason for a US prosecutor to be involved. |
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US economic imperialism aside?