FX scam banks conducting internal investigations


New York -- A currency trading scam allegedly carried out by five traders at top global banks, nine brokers and three officials at retail FX firms -- including a former member of the Federal Reserve’s FX committee -- was uncovered in mid-November as part of the Federal Bureau of Investigation’s (FBI) swoop on forex fraud.

The 17 individuals implicated were among 47 arrests -- the remainder in retail FX -- made by the FBI, following an 18-month undercover investigation. Traders at JP Morgan Chase

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Stemming the tide of rising FX settlement risk

As the trading of emerging markets currencies gathers pace and broader uncertainty sweeps across financial markets, CLS is exploring alternative services designed to mitigate settlement risk for the FX market

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