Value - Benchmark
Both regularly benchmark rates are determined by the median rate of actions in a 60 second window either side of 4pm and 1. 15pm correspondingly and are widely used as pricing standards and locate rates for other transactions. The FCA and CFTC have found that sellers at different banks shared confidential customer order info and business positions, altered enterprise positions to furnish banks" collective concerns, and agreed on trading strategies to attempt to manipulate certain Forex market bench mark rates. This included manipulating fix rates to trigger customer 'stop loss" sequences for the banks" benefit; for example, where a bank tradings currency to the customer under the created give up loss order at a higher rate than this had been able to purchase that currency, making a benefit for the bank (and probably financial injury for the client).