Foreign exchange market
The foreign exchange market is the decentralised, mostly over-the-counter market in currencies. Its size and fragmentation made the daily benchmark fixes unusually influential and unusually exposed.
Where does foreign exchange market come up?
This term is used in the following manipulation techniques, each explained in full on its own page.
Enforcement actions involving these techniques
| Action | Agency | Filed | Technique | Penalty | Status |
|---|---|---|---|---|---|
| CFTC v. Barclays Bank PLC (FX benchmark manipulation, 2015) | CFTC | 2015-05-20 | Benchmark Submission Rigging , FX Fixing +1 | $400m | settled |
| FCA v. Barclays Bank PLC (FX benchmark manipulation, 2015) | FCA | 2015-05-20 | FX Fixing | — | settled |
| CFTC v. Deutsche Bank AG (LIBOR and Euribor manipulation, 2015) | CFTC | 2015-04-23 | Benchmark Submission Rigging , FX Fixing +1 | $800m | settled |
| CFTC v. Citibank, HSBC, JPMorgan, RBS and UBS (FX benchmark manipulation, 2014) | CFTC | 2014-11-12 | Benchmark Submission Rigging , FX Fixing +1 | $1.5bn | settled |
| FCA v. Citibank N.A. (FX benchmark manipulation, 2014) | FCA | 2014-11-11 | FX Fixing | — | settled |