Investors Accuse 12 Banks Of Forex Price Rigging In U.s. Lawsuit

“Based on the information currently available to the competition commission, authorities believe that the most important currencies are affected,” WEKO said, adding that it “cannot exclude” other banks and brokers also may have been involved. Credit Suisse said it was “astonished’ by the allegations, and noted it was not subject to WEKO’s preliminary investigation into various banks. “The press release contains incorrect references to Credit Suisse AG and these allegations are both inappropriate and harmful to our reputation,” the Zurich-based bank said of the commission’s statement. But it said the bank will cooperate fully with the authorities in this matter. Since regulators in other European countries, the U.S. and Singapore started investigating possible foreign exchange manipulation, major firms like Citigroup and Barclays have suspended traders.
Source: http://abcnews.go.com/International/wireStory/swiss-investigating-banks-forex-market-23124655

OANDA Tabs Gavin Ward And Louis Cooper To Head Greater China, Antipodean Markets

The bank said it was astonished and added: The press release contains incorrect references to Credit Suisse AG and these allegations are both inappropriate and harmful to our reputation. Credit Suisse said it would co-operate with the authorities, as did Julius Baer, Zurcher Kantonalbank and RBS. The other banks declined to comment. Chris Wheeler, analyst at Mediobanca, said Credit Suisses statement doesnt really help their case. But it shows how strongly they feel about it. They clearly dont think they have got an issue, he added.
Source: http://gulfnews.com/business/banking/swiss-uk-watchdogs-step-up-forex-investigations-1.1312312

Gavin Ward To Head Greater China Operations Gavin Ward Head of Greater China OANDA Corporation To this end, Gavin Ward represents the ideal candidate to help manage OANDAs interests in these regions, having built a vast resume across the financial services industry in both Europe and Asia previously. Ward will be based out of OANDAs Asia-Pacific office, located in the global forex hub of Singapore this close proximity to Greater China will ensure he is strategically placed to handle and culture OANDAs growth and exposure in the region. Ward has previously worked at CMC Markets as the Director of Asia, along with serving as a member of the companys Global General Executive Committee. Im excited by the opportunity of this brand new role with OANDA as we have the tools, resources and the mindset to offer a better and fairer trading experience to clients in the Greater China region than any alternatives available. I believe the potential for OANDA is huge by offering a product specifically designed to help our clients trade smarter, spearheaded by outstanding educational tools and resources, and the innovative features of fxTrade, fxTrade Mobile and our MT4 solution, added Ward, with regards to the new appointment. Louis Cooper Tasked With Oversight OfAustralia Louis Cooper Managing Director in Australia OANDA Corporation In addition, OANDA will also benefit from the recruitment of Louis Cooper, who also will be joining the company after working at CMC Markets Cooper has served as the Managing Director in Australia and New Zealand during his tenure at CMC Markets.
Source: http://forexmagnates.com/oanda-tabs-gavin-ward-and-louis-cooper-to-head-greater-china-antipodean-markets/

However, the Aussie dollar faces pressure if the Chinese economy decelerates further after a tough Q1 — Volatility in global stock markets is expected to increase as central banks take steps to wind back their enormous stimulus programs. Too fast and stocks could fall sharply, but a steady, cautious taper could help markets extend into fresh record-breaking territory — After a torrid 2013, gold is starting to perform like a safe haven. With major elections in a number of emerging markets, including India and South Africa, gold prices should remain generally supported in Q2. The FOREX.com Markets Outlook report for Q2 2014 has enhanced its coverage of the major global equity markets and commodities including gold, silver and oil markets along with the potential price ranges for key G10 FX pairs, such as EUR/USD, GBP/USD, USD/JPY, EUR/GBP and USD/CNY The full FOREX.com Q2 2014 Markets Outlook Report is now available at http://www.forex.com/uk under Market Analysis. The report is prepared by the FOREX.com Research Team: Kathleen Brooks, Chris Tevere, Fawad Razaqzada, Chris Tedder, Matthew Weller and Neal Gilbert. Foreign Exchange and other leveraged products involve significant risk of loss and are not suitable for all investors.
Source: http://online.wsj.com/article/PR-CO-20140331-909810.html

spot volume. The investors said employees of the defendants would use such names as The Cartel, The Bandits’ Club and The Mafia to swap confidential customer orders and trading positions, and collude to set prices through such tactics as “front running/trading ahead,” “banging the close” and “painting the screen.” They also said the defendants have fired or suspended more than 30 employees in connection with possible price-rigging etf software system misconduct, including actions by Bank of America and BNP Paribas last month. Spokespeople for the banks either declined to comment or did not immediately respond to requests for comment. The lawsuit seeks unspecified damages, triple damages, and a halt to alleged collusive conduct. Some of the other plaintiffs are based in California, Connecticut, Massachusetts, Oklahoma, Pennsylvania, Puerto Rico and the Cayman Islands.
Source: http://www.reuters.com/article/2014/04/01/us-forex-lawsuit-idUSBREA301WC20140401?feedType=RSS

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