Goldman Sachs take fine $110m. to manipulate FX market

02.05.2018 / 11:32

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Goldman Sachs has fined $110m. by the Fed in an antitrust trial claiming that the bank's traders routinely manipulate the foreign exchange market for profits.

Goldman said they did not have sufficient oversight and control over their FX traders who were alleged to have discussed trading positions with competitors using electronic chat rooms. In an example quoted by regulators, it becomes clear that Goldman's FX trader shares confidential information with a competitor bank to order a client named Satan, who deals with a deal of €8m. "Satan sells EUR/USD, 8 at 17"

From the published documents, it is clear that the bank has carried out similar manipulations from 2008 to 2015.

Last year, five Wall Street leaders - Credit Suisse, Barclays, Royal Bank of Scotland, Citigroup and JP Morgan Chase were found guilty of manipulating the foreign exchange market and fined $5.8bn. by the US Department of Justice.

Source: Finance Magnates

Trader Petar Milanov

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Goldman Sachs take fine $110m. to manipulate FX market

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