Sunday, April 23, 2017
forex manipulation

Top_of_JPMorgan_Chase_forex manipulation lawsuit

JPMorgan becomes the first bank to pay for civil lawsuit.

JPMorgan paid out $100Million USD to US Counterparties and other market participants.

Like JPMorgan there are 11 other banks as well to make the settlement within the end of January

They are listed below.

  1. Bank of America
  2. Barclays
  3. BNP Paribas
  4. Citigroup
  5. Credit Suisse
  6. Deutsche Bank
  7. Goldman Sachs
  8. HSBC
  9. Morgan Stanley
  10. Royal Bank of Scotland
  11. UBS.

JPMorgan became the first of the 12 banks listed above to settle the lawsuit. All of these banks were paying lawsuits because of Forex Market manipulation like currency price rigging.

JPMORGAN CHASE to pay $4.3BN settlement:

lawsuit settlement

JPMorgan has to pay an amount of about $4.3BN settlement with SIX banks. This amount will solves the global probes of Forex manipulation done by JP Morgan Chase.

Lot of investors, hedge funds and public pension funds, filed a lawsuit against these banks for manipulating the forex rates since Jan,2003.

These 12banks together share the 84percent global market share in currency trading. As JPMorgan is the biggest bank in U.S. The settled lawsuit will satisfy the investor, hedge funds who claimed the forex manipulation.

 

 

paul nash rbs forex manipulation

Who is Paul Nash?

Paul Nash is one of the currency trader of Royal Bank of Scotland. Paul Nash was arrested for manipulating the Forex market. Sources like Reuters and says this.

Check Out the Paul Nash Linkedin Profile

Paul Nash was initially arrested for the same reason in 2013, at that time Paul Nash emigrated to Canada.

Royal Bank of Scotland(RBS)

Istanbul_RBS_Head_Office-forex manipulation

Royal Bank of Scotland is one of the world’s largest banking group. RBS together combined with NatWest and Ulster Bank provides banking programs throughtout the UK, Ireland, India, US and more.

Forex Market Manipulation:

Forex Market is one of the biggest and trending Global financial market. Its operating at the value of 5.3Trillion USD/Day, but still there individual trader manipulating this market.

This issue points out the failed allegations and unregulated Forex market.

List of banks to settle British and U.S. regulatory allegations of failings

Below are the list of banks settled the failed allegations

  • HSBC Holdings
  • JPMorgan Chase & Co
  • Citigroup
  • UBS
  • Bank of America Corp.

In the above case, Reuters tired to contact Paul Nash via linkedin. But they couldn’t succeed.

In addition to this: FT.com posted in their post, RBS announced that six employees had been put into disciplinary process, out of 6, 3 of them were suspended.

British Bank ranked fourth place in 2009 in the Foreign Exchange market, but now british bank(one of the large market player in Forex moved eighth position in 2014 because of drastic shrinkage.

SFO – Serious Fraud Office Statement

forex manipuliation arrest

The SFO Reported that “We can confirm that a 48-year-old man appeared before Westminster Magistrates’ Court [on 23 December] in relation to the SFO’s ongoing Forex investigation. He remains on police bail in relation to this matter.”

The agency would not confirm nor deny that Mr Nash had been arrested.

The SFO also said that City of London Police has arrested a man Paul Nash from Billericay for Forex Manupulation investigation.

At the same time, RBS refused to comment on this subject.!!

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