’If you ain’t cheating, you ain’t trying’: The world of the lurking forex trader

Traders at banks around the world lurked in private chat rooms, working to rig the forex market and cheat clients and others out of cash, hoping a veil of secrecy and threats would keep their misbehaviour hidden from sight.

But now – not for the first time – their rule-breaking has been exposed by regulators, as six banks were fined a combined US$5.6-billion, and records of the traders’ collusion made public.

Many instances of financial crime since the crisis have been revealed via chat room transcripts, which have laid bare the widespread, manipulative activities.


No one has gone to jail for this.