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"The coordination of certain G10-currencies took place in chatrooms."


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Ladies and gentleman, the financial services industry in a nutshell.

Authorities in Switzerland have fined five banks, including Royal Bank of Scotland (RBS) and Barclays, for fixing foreign exchange trading through cartels dubbed "Three Way Banana Split" and "Essex Express".

...

"Participants in the 'Essex Express' cartel (from 2009 to 2012) were traders of Barclays, MUFG Bank, RBS and UBS.

"The coordination of certain G10-currencies took place in chatrooms."

Barclays was fined £21.5m while RBS was ordered to pay £17.8m. The banks were yet to give their responses to the additional penalties.

https://uk.finance.yahoo.com/news/barclays-rbs-fined-fixing-currency-055600050.html

 

Fining RBS £17.8 million is like docking a kid's pocket money by 50p for a week.

 

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    • This is not an acceptable explanation for me unfortunately, I am fully aware of the need to move spreads and I had accounted for that. Especially at the open of a market, but your spread was totally unreasonable the spread on DEC contracts is already at 130pip standard, to increase it to 400pips and hold it there even after 5 mins of trading. As my execution was a 09:06 the main market volatility had already been accounted for.   So disappointing after 6years being a customer and on a profitable trade as well: 
    • Dear @MB1470, Thank you for your post. Please note that dealing spreads on shares are subject to variation, especially in volatile market conditions or other unusual circumstances.  Market spreads can widen significantly, particularly at the beginning and end of the trading day, and minimum spreads may exist. Thanks, KoketsoIG
    • This morning at the market open on NOVO DEC contracts. On Spread Bet.    the spread moved from 138pips to close to 400 pips? How can this be reasonable the candle is only displayed on a 15-2min time period not on smaller periods. At market open 09:00 ????? How is this even remotely reasonable?     
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