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I traded LIBOR instruments that were probably manipulated, and there was suspicion at the time. Same with FX, there was a cartel manipulating that as well, and
by lordnacho 5y ago
I traded LIBOR instruments that were probably manipulated, and there was suspicion at the time. Same with FX, there was a cartel manipulating that as well, and people in my firm also wondered at times why things were moving around at the exact wrong time.
It's probably best that the LIBOR system goes in favor of something more transparent. But I have a friend who is involved in the transition at a bank, and it's incredibly complex to move over such a huge mass of contracts to this new thing. Definitely a lot of work for a lot of people.
- splittingTimes 5y agoThe Libor - interest rates scandal is only one in a long list of documented manipulations in the last 5-10 years ISDAfix - swaps Platts - oil prices WM/Reuters - FX High-Frequency Trading - equities Commodities - Gold, Silver Stock indices Are all rigged. With that history, how can we give that new system the benefit of a doubt. It will be gamed as well.
- whimsicalism 5y ago> High-Frequency Trading - equities > Commodities - Gold, Silver Stock indices ? It doesn't help for FX that it is effectively unregulated.