Forex rate-rigging scandal 2015 probe: Foreign exchange crisis engulfs London February 5, 2014 City foreign exchange desks were thrown into turmoil yesterday as top traders at Goldman Sachs and Citi resigned, while Deutsche Bank fired three New York traders. Banks are being lent on hard by regulators over alleged FX benchmark manipulation, adding to chaos in the sector. The New York Department for Financial Services (DFS) has become [...]
Forex rigging scandal – a timeline of the banking probe November 12, 2014 Spring 2008 Bank of England’s foreign exchange joint standing committee’s (chief dealers sub-group) starts to raise concerns about the capacity to fix FX benchmarks June 2013 The Financial Conduct Authority launches a preliminary investigation into claims banks were rigging the FX rate to benefit at the expense of clients October 2013 The Financial [...]
Foreign exchange firm Moneycorp spurred on by 50 per cent rise in half-year profits November 4, 2014 Foreign exchange firm Moneycorp yesterday said strong growth in its retail division helped the group to a 50 per cent rise in half-year profits. The firm, which was acquired by private equity house Bridgepoint in August, added 31 new bureaux de change at airports during the six months ending 30 June, helping to boost revenue [...]
Bank of England tight lipped on liquidity market probe March 5, 2015 Threadneedle Street was on lockdown yesterday, as Bank of England officials declined to give any details of potential fraud around its liquidity operations in the crisis years. A spokesperson for the Bank said it would not answer questions on speculation over which of the Bank’s schemes the alleged fraud relates to. “We are not getting [...]
Save money with a currency specialist November 13, 2014 For most people the first port of call when making an overseas transfer would be their bank, but banks don’t typically offer the most competitive exchange rates. With City A.M. International Payments, provided by exchange experts Moneycorp, you can expect to receive an exchange rate which is 3-4pc more competitive than you can typically get [...]
Cut the costs of your overseas money transfers October 29, 2014 Moving money overseas can be more expensive than you expect, but there are a number of ways to keep costs down and minimise the inconvenience, especially if you have to make regular international payments. The City A.M International Payments service offers you rates that are typically 3-4% better than you can expect from a high [...]
Denmark vows not to scrap krone’s link to euro in wake of Swiss currency crisis January 19, 2015 Fears are building that Denmark could be the next country to send shockwaves through currency markets by abandoning the krone’s link to the euro, just one week after Switzerland surprised markets by scrapping its euro price cap. The Danish central bank yesterday cut the interest it pays on deposits to minus 0.2 per cent from [...]
After the Swiss franc bombshell: Traders should expect a bumpy year ahead January 19, 2015 From the Eurozone to the UK, volatility will keep on returning. The Swiss National Bank’s (SNB) shock decision to abandon the Swiss franc’s euro anchor last Thursday saw markets reel. At one point, the euro had crashed 30 per cent against the franc (see graph) before recovering some of its losses. Ajay Pabari, founder [...]
Broker the right deals when buying overseas shares September 17, 2014 Investing in overseas shares can be rewarding, but keeping a close eye on foreign exchange costs is must to ensure maximum return on investment. Andrew Woolley, executive director of international payments, runs through some key considerations: “To keep foreign exchange costs to a minimum it’s wise to team-up with an overseas stock broker and a [...]
Phoenix from the flames: With US stocks at record highs, where can investors look next? April 23, 2015 From the darkest depths of the financial crisis six years ago, the world’s largest economy has rebounded strongly – and its equity markets have soared. US equities are now entering the seventh year of a bull market, with the seemingly unstoppable S&P 500 reaching a new record high virtually every month. The performance of [...]