Some Facts, Role: Benchmark
Both daily point of reference prices are determined by the median rate of dealings in a 60 second window either side of 4pm and 1. 15pm correlatively and are widely used as costing benchmarks and spot rates for another currency transactions. The FCA and CFTC have found that traders at different banks shared confidential customer order info and trading positions, altered commerce positions to furnish banks" cooperative regards, as well as agreed on commerce strategies to attempt to handle distinct Foreign exchange point of reference prices. This included manipulating fix prices to trigger consumer 'stop loss" sequences for the banks" benefit; for template, where a bank trades currency to the consumer under the caused desist loss order at a higher level than it had been able to gain that currency, making a profit for the bank (and potentially financial detriment for the customer).
Approval to view and accomplish on the reference orders can be limited to only those accountable persons, as well as not included as part of the bank' s regular flow.