What the numpty hating forex traders didn’t want you to know

By Sara Sjolin
Published: Nov 12, 2014 9:47 a.m. ET

In secret chat rooms, traders discussed how to manipulate rates:

Bank V Trader: 4:00:51 pm: have that my son
Bank V Trader: 4:00:52 pm: hahga
Bank V Trader: 4:00:56 pm: v nice mate
Bank U Trader: 4:04:53 pm: that worked nice mate
Bank V Trader: 4:05:44 p.m.: big time mate.
And here’s another example of misconduct in the chat room . Three traders discuss whether to invite a fourth trader into the chat room. Trader from Bank X urges caution in order to protect from “other numpty’s”:
Bank Z Trader: 7:49:55 are we ok with keeping this as is
7:50:27 ie the info lvls & risk sharing?
Bank X Trader: 7:50:27 well…
Bank Z Trader: 7:50:30 that is the qu[estion]
Bank X Trader: 7:50:32 you know him best obv…
7:50:39 if you think we need to adjust it
7:50:43 then he shouldn’t be[] in chat
Bank Y Trader: 7:50:54 yeah that is key,
7:51:00 simple question [Bank Z trader]
7:51:08 I trust you implicitly [Bank Z trader]
7:51:13 and your judgement,
7:51:16 you know him
7:51:21 will he tell rest of desk stuff
7:51:26 or god forbin his nyk…
Bank X Trader: 7:51:46 yes
7:51:51 that’s really imp[ortant] q[uestion]
7:52:01 dont want other numpty’s in mkt to know
7:52:17 but not only that
7:52:21 is he gonna protect us
7:52:33 like we protect each other against our own branches”

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