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The author alludes that the traders would have been making those trades "all day", but suspiciously absent is any evidence that they actually had. According to
by jsprogrammer 10y ago
The author alludes that the traders would have been making those trades "all day", but suspiciously absent is any evidence that they actually had. According to the facts reported, the traders only traded pounds on three days over a week-and-a-half period.
We need to see the traders' trades for a longer period before the Cairn trade to see if they actually do trade pounds all day.
- smallnamespace 10y ago'Trading GBP' (along with other incidental currencies) is basically the job description of any FX desk at a UK bank. Disclaimer: I used to work in capital markets at an investment bank.
- jsprogrammer 10y agoWhat is the relevance of this comment? The person arrested was "global head of foreign exchange cash trading". Is it normal for global heads to be making routine trades all day? (the article indicates it is not; again, only three trade days out of 10+) From the article it sounds like this person was more involved in client relations/sales than technical execution.
- smallnamespace 10y agoBy the same token though, the entire FX book is under his jurisdiction, so it wouldn't have mattered if he'd delegated to another trader (except that it looks more culpable this way).