Published on Gold Anti-Trust Action Committee (http://www.gata.org)

Zero Hedge: Deutsche, Barclays algos busted for FX rigging

By cpowell
Created 2014-12-11 13:24

From ZeroHedge.com
Thursday, December 11, 2014

First it was humans. Now it is vacuum tubes.

Having quickly learned that letting carbon-based traders engage in FX (or stock, or bond, or Libor, but not gold, never gold) rigging usually leads to said carbon-trader ultimately being fired with the bank suffering a violent slap on the wrist, banks are getting smart, and have -- as we have been claiming for about four years -- decided to let pre-programmed algos do all the market manipulation. Only this time it is not some tinfoil blog making this accusation, but New York regulators who, according to Bloomberg --

http://www.bloomberg.com/news/2014-12-10/ny-regulator-said-to-probe-deut... [1]

-- have found evidence that Barclays and Deutsche Bank may have used algorithms on their trading platforms to manipulate foreign-exchange rates, a person with knowledge of the investigation said.

As Bloomberg reports, the practice suggests there may be a systemic problem involving automated tools that goes beyond individuals colluding to rig currency benchmarks and take advantage of less sophisticated clients. ...

... For the complete commentary:

http://www.zerohedge.com/news/2014-12-11/deutsche-barclays-fx-algos-bust... [2]


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