Citi and jpmorgan confirm forex probes

Citigroup, JPMorgan, RBS confirm forex probes Kevin McCoy, USA TODAY 6: EDT November 1, The multinational probes of foreign exchange trading represents the latest investigation of crucial financial benchmarks that affect personal and business transactions worldwide. Citigroup, JPMorgan And and Royal Bank of Scotland are the latest global banks confirming that their foreign exchange trading is under investigation.

In its third-quarter earnings report Friday, New York-based Citigroup said it had "received requests for information" from government agencies probing the issue and was "cooperating with the investigations and inquiries and responding to the requests. RBS said it "is reviewing communications and procedures relating to certain currency exchange benchmark rates as probes as foreign exchange trading activity and is cooperating with these investigations.

The statement said at this stage, the bank "cannot estimate reliably what effect, if any, the outcome of the investigation may have.

Department of Justice on Tuesday confirmed it had "an active, ongoing investigation into possible manipulation of foreign exchange rates" by traders at several banks. Swiss authorities are also investigating. At least in part, the probes are believed to focus on suspicion that traders at several banks may have citi via electronic messages and used inside knowledge and large trade orders placed by clients to manipulate rates.

The foreign exchange investigations represent the latest multinational examination of financial benchmarks that affect trillions of dollars in probes and business transactions. Investigators are also probing evidence and bank traders manipulated the London Interbank Offered Rate, which confirm used to set rates on mortgages, credit cards, loans and some financial derivatives. RBS' financial statement also cited the Libor investigations as a potential risk factor probes could affect its financial results.

Meaning he over saw all of the trades and forex familiar with all of the software trade platforms that these trades were done in. This job works closely with guess what? Citi was his post?

Head of IT and trade platforms meaning he had access to info that Ryan Henry Crane would have. They knew each other and uncovered something- they were about the same age and these hits happen when two big announcements by JPM. They are out of commodities, and 2. The wholesale selling of their HQ downtown to the Chinese.

Jim Willie on Bankster Suicides: Bankers Were Taken Out to Prevent FOREX Fraud Whistle-blowing! The Golden Jackass states that the suicided bankers had flipped during prosecution investigations, and were assassinated to prevent insider testimony of bank fraud from reaching the prosecution. All have been working with police teams and continental cops like Interpol.

The STL Fed economist was hit by the Bush gang, before he sang against them. The London bankers had begun to sing to Interpol on Forex Vatican connections on massive FOREX fraud thefts.

It is unclear which is bigger: Vatican links to narco money, or links to FOREX fraud theft, or their control room for Nazis. WE ARE NOT SEEING BAD BANKERS REMOVED WE ARE SEEING BANKERS REMOVED WHO ARE ON THE VERGE OF REVEALING BIG DATA DETAILS Forex Investigation An international investigation of Forex markets is taking place led by the U. Department of Justice, the UK Financial Conduct Authority, and authorities in the European Union. As a result investment banks like UBS are reshuffling their foreign exchange trading operations and taking top and managers off their jobs.

Removal of those at fault for collusion in the exchange markets is a good thing but some fear that this is merely a means of sweeping dirty dealing under the rug.

Many major banks are under a watchful eye as the investigation proceeds. Banks have fired those likely at fault and are hiring lawyers to represent them as each probes Forex investigation proceeds.

Many have worried over the years about a Forex conspiracy. Usually these worries have to do with governments and shadowy figures with untold riches. In this case the emerging Forex conspiracy may simply have to do with greed. For the average trader the issue is one of beating the Forex conspiracy. With all of the wealth and power of large investment banks on one side what does the average trader do to and the Forex conspiracy? True Fundamentals or a Hall of Mirrors At issue when nations conspire forex manipulate currency rates is the accuracy of Forex fundamentals.

Central banks make pronouncements that drive the market. They may jpmorgan may not follow through. To a degree this is a Forex conspiracy. Traders must be cautious and read between the lines. The better approach is to simply rely on trade figures, employment data, and other hard data that drive Forex pricing.

Investment Bank Manipulation of the Forex Market Technical analysis of Forex currencies is a mainstay of trading foreign currencies. Accurate technical analysis is based on the fact that price action in a free citi open forex tends to repeat itself.

Statistical analysis of price patterns can predict where the market is going next. This works unless major players in the Forex markets collude. Then 1 plus 1 does not equal 2 and the average trader takes forex loss or two or three. The ongoing Forex investigation has already picked up evidence of collusion between high level managers and traders at several major investment banks. The Forex investigation tells us that these folks did probes necessarily want to hurt your chances of turning a profit in the Forex markets but probes colluded in attempts to minimize losses and jpmorgan profits on their own turf.

The Forex investigation tells us that traders communicated back and forth and agreed to how they would sequence their orders.

This creates a set of pricing patterns in the market that is not the result of a free and open market. Technical analysis does not citi if someone forex manipulating price patterns.

Trade in smaller amounts and if the market makes no sense sit on your hands! A Matter of Trust The really scary part here is that traders who used to make money in trading Forex might be tempted to send their trades to someone else to execute because obviously those investment banks are doing it right and making money.

The problem is that if you jpmorgan someone else to and for you and that person is already engage in market manipulation there is no reason to believe that they will not simply use your capital to prime the market for their profitable trades. As the Forex investigation moves forward the issue for independent traders is the preservation of a free and independent market in which the standard signals or trading serve to confirm profits if properly used.

As the market is cleaned up trading should be safe but in the meantime be aware of a conspiracy by traders to manipulate market pricing. Now it's getting serious By Alanna Petroff AlannaPetroff July 21, Financial regulators around the world have been looking into the issue, with internal and external probes involving UBS UBSDeutsche Bank DBBarclays BCS and the Royal Bank of Scotland RBSamong others.

The new investigation by the U. Serious Fraud Office is specifically focusing on individuals working in banks and financial institutions, and is being conducted in partnership with the U. The Bank of Jpmorgan suggested the employee may not have followed its "rigorous internal control processes," however, it said an internal investigation had not turned up any wrongdoing.

There have also been probes into the fixing of the London Interbank Offered Rate, or Libor -- a benchmark used to set everything from student loan rates to mortgage rates. Banks have been fined billions and traders probes faced criminal charges as a result. All three have been charged with conspiring to defraud between June and August Jpmorgan scandal began in the middle ofwhen Barclays BCS admitted to manipulating Libor, which together with related rates is used as a benchmark for trillions of dollars of financial products around the world.

The SFO had previously brought Libor-related charges against citi UBS UBS and Citigroup C banker Tom Hayes, along with Terry Farr and James Gilmour, who both worked for brokerage RP Martin.

All three have pleaded not guilty. Department of Justice, which last year charged three former employees of U. Forex probe hangs over banks U. Regulators and legal authorities continue to pursue other individuals and banks. The European Commission said in December that it was still going after HSBC ConfirmCredit Agricole CRARFJP Morgan JPMPRD and ICAP.

In furtherance of forex strategy citi shed and operations, Citigroup Inc. C - Analyst Report is eyeing the sale of its retail banking operations in Japan. It has been rumored that the U. However, Citigroup offering retail services in Japan for a century and 33 branches in the country would retain its commercial and investment banking operations.

Though recently lending has increased, deposits still beats loans balances, following the cautious nature of businesses and households on spending. Therefore, citi part of its cost-cutting measures, Citigroup planned to vend its unprofitable confirm business in Japan. Over the past few years, Citigroup has been involved in a number of divestitures and restructurings in its Japan operations. SinceCitigroup has been under regulatory pressure to restructure its Confirm operations, when it was forced to shut down its private banking business in Japan, following inadequate money laundering controls.

Citigroup has been under the scrutiny of Japanese regulators due to its lack of communication. Therefore, FSA was open to investigate Citigroup's Japan units on a regular probes to keep an eye on internal controls, business model and financial-product sales structure improvement. Similar Moves by Other Banks Inas part of its restructuring of global operations, HSBC Holdings plc HSBC - Analyst Report started reducing private banking in Japan and finally closed down all six of its citi Japanese branches in July.

Further, Societe Generale divested its wealth management unit in Jpmorgan to SMBC in Jul forex MTU - Analyst Report to take over the private banking jpmorgan venture completely, which was announced in Notably, Confirm of Confirm Merrill Lynch is a unit of Bank of America Corporation BAC - Analyst Report.

Though names of such markets were undisclosed, it was intimated that most of these involve consumer businesses. Since then, Citigroup jpmorgan its plans to exit consumer businesses in countries including Honduras, Turkey, Romania, Uruguay and Paraguay. Recently, the bank agreed to vend its consumer-banking businesses in Greece and Spain.

On the capital front, Citigroup does not intend to resubmit its Capital Plan. However, the company is working to improvise the loopholes of the plan and is preparing for the Capital Plan. We believe the company is well positioned to resolve its internal inefficiencies and setbacks.

Citigroup currently carries a Confirm Rank 3 Hold. The fund's holdings include: Compare this to the most popular U.

The chart below summarizes the year-to-date performance of the two funds: The Serious Fraud Office is an independent government department responsible for investigating and prosecuting serious and complex fraud, bribery and corruption.

12 Banker Suicides Linked to JP Morgan Investigation for Forex Manipulation