World Finance



World Finance

March 28, 2014 06:47 ET

The 4pm Fix Forex Scandal is "Very Very Worrying"

LONDON, ENGLAND--(Marketwired - March 28, 2014) - "I suppose there is some surprise that it's taken the Bank of England so long to investigate it," says Mark Taylor, Dean of Warwick Business School and former foreign exchange trader of the most recent of many forex rigging scandals to have been exposed to the public.

As was the case with the Libor affair, the 4pm fix scandal carries with it the potential to expose glaring structural insufficiencies in the financial system, along with the extent by which they have been left to fester by the powers that be - in this instance the Bank of England. "The Libor scandal was very important. It did strike at the perceived integrity of the financial system. And this does so similarly, it is very very worrying," says Taylor in a new video interview with World Finance.

"If there is evidence that banks got together, senior traders from some of the big banks got together and said you know, I'm going to put through this billion dollar trade, dollar-sterling, I'm going to buy dollars against sterling 10 seconds before 4pm. Why don't you do the same thing, and we can both together affect the market rate? That would certainly trigger a criminal investigation, possibly criminal charges," stresses Taylor to World Finance.

If it comes to light that traders have been manipulating the system in this way then the ramifications for those involved, the Bank of England included, could be catastrophic, and the $5trn a day market could change forever.

To watch the video interview in full and hear Taylor's advice on how to rectify the 4pm fix scandal from reoccurring, head over to the World Finance website now.

http://www.worldfinance.com/banking/criminal-charges-a-possibility-in-forex-rigging-scandal-video

World News Media is a leading publisher of quality financial and business magazines, enjoying a global distribution network that includes subscriber lists of the most prominent and senior decision-makers around the world, as well as comprehensive airport, hotel and conference site distribution.

Contact Information

  • For further media information contact:
    World Finance
    Matthew Timms
    Editorial Department
    +44 (0)20 7553 4177
    matthew.timms@wnmedia.com