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That are the sums that can be directly priced. The report also points to tens of cases when the client/industry prejudice cannot be directly priced - for exampl
by TheAlchemist 11y ago
That are the sums that can be directly priced. The report also points to tens of cases when the client/industry prejudice cannot be directly priced - for example:
"FX traders involved in the USD/Brazilian Real market colluded together to manipulate markets in a more straightforward manner—by agreeing to boycott local brokers to drive down competition. On October 28, 2009, an RBC trader wrote “everybody is in agreement in not accepting a local player as a broker?” A Barclays FX trader responded “yes, the less competition the better."
Those benefits, while impossible to calculate, where an order of magnitude bigger than the direct ones.
Also, don't forget that those banks have huge privilegies (gov backing, FED money, gov bonds dealership etc) in exchange for which they provide a fair market and services. For instance, in theory those banks should have a lot of their privilegies removed as the result of this case. I can assure you that they are extremely happy to pay only the ~$6bn to keep those safe.