About time too.
Well done Loretta!!!
Hit them where it hurts!!!
I don’t think they should be fined by any bureau. I think we should allow the market to impose whatever fines it likes on them. JPMorgan, Barclays, Citigroup and RBS ALL received billions in dollars in bailout assistance in the last ten years. Thus the market was already imposing fines and the government protected them from those fines. Barclays is said to have benefited by $8.5 Billion in U.S. tax payer bailout money. So a $2.4 Billion USD fine is just a mere 28% of the fine the market would have handed them five years ago.
The FCA posted this video about the trading activity in question:
[video]https://d3lkew8zknjt1t.cloudfront.net/butotv/live/videos/7bWCb/1/cjn6L/cjn6L_600.mp4[/video]
You will note, at 20:22, Barclays actually LOST money in the particular example the FCA put forward. Many in this forum have read my rants about how virtually impossible it is to manipulate these markets for profit. And this example is a prime one for exactly what I am talking about. Even when these traders bagged the juicy stop they were gunning for they lost money because of all the market they had to get through along the way. The fines are a pittance compared to the market imposed losses these foolish activities will realize.
These fines are not designed to punish malefactors nor to put a stop to fraud, they are designed to instill fear of freedom and confidence in the regulators while the regulators rob the masses of billions in the name of fairness and justice.
-Adrian
How would all of this affect us as intra day traders?
Have you also noticed that many brokers are getting fines from the regulators these last couple of days ? i came across many articles for both incidents!
I have been hearing things but never sure what to believe etc
Good video, Adrian. Thanks for posting.
Two more articles —
[B]EuroMoney[/B] magazine - 20 May 2015
[B]Futures[/B] magazine - 21 May 2015
.