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How is QE even remotely wash trading?
by carnitine 5y ago
How is QE even remotely wash trading?
- _3u10 5y agoClosely related parties, no change in beneficial owner, entity trading is paid a commission of other market participants profits that result from the artificial inflation of the asset, buying and selling the same or substantially similar assets within 30 days. If anyone else took 15% of everyone else's returns on that asset and was using their own money with the stated purpose of inflating the asset price, they'd go to jail. "For example, wash trades were used in the LIBOR scandal to pay off brokers who manipulated the LIBOR submission panels for the Japanese Yen. According to charges filed by the UK financial authorities, UBS traders conducted nine wash trades with a brokerage firm to generate 170,000 pounds in fees as reward for the firm for its role in manipulating LIBOR rates.7"