Hi your old pal Jock Pippin here back with another tale from Forex land . You might know the story of the 4' O'clock boys,you might not ! .
I just want to explain how they did what they did . As to why they did what they did ...Well that's easy.,it's because they thought and still think they are too big to fail and too big to jail .Arrogant,obnoxious bastions of greed .
Yes they got their knuckles wrapped . OUCH !! ,and the Banks the traders worked for got fines in the £ Billions(and counting).
No lessons were learned and no moral standards attained.
Ladies and gentlemen and members of the jury please meet the 4 O'Clock boys.
Traders using private chat rooms and calling themselves “the 3 musketeers”, “the players”, “1 dream, 1 team”, “a co-operative” and “the A-team” were uncovered during the regulatory investigation into foreign exchange rigging.Hundreds of pages of documents released by the Financial Conduct Authority (FCA) and the Commodity Futures and Trading Commission show the way that traders tried to manipulate the crucial foreign exchange price – known as the “4 pm fix” – to make profits.
The 4 pm FixThe Forex market is a 24 hour market , it's not easy to see how much …