Collusion

Collusion is coordination between nominally independent participants to affect a price or share information. Because it converts several small positions into one large one, it can move markets that no single participant could.

compliance and practice · updated 2026-10-16

Where does collusion come up?

This term is used in the following manipulation techniques, each explained in full on its own page.

• FX fixing — FX fixing manipulation is trading during the short window used to calculate a daily currency benchmark, using advance knowledge of client orders that must be executed at that fix.
• Benchmark submission rigging — Benchmark submission rigging is skewing the figures a panel member reports into a reference rate calculation, so that the published benchmark moves in favour of positions that settle against it.

Enforcement actions involving these techniques

See also

• Chat surveillance — Chat surveillance monitors traders' electronic communications for evidence of collusion or intent. The benchmark cases were made s…
• Cartel — A cartel is a group coordinating to control a market. In the benchmark cases the traders' own chat rooms carried names of that fla…

Terms that refer here

Cartel · Chat surveillance

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