Reuters reports that UK investigators have found some damning evidence of collusion in the FX market after examining chat room logs.

The traders pooled order details from hedge funds and discussed the prices they should be offered, said the sources, who have seen some of the messages at the centre of an international probe into alleged collusion in world foreign exchange markets.

It sounds like it’s generally the biggest FX banks working to squeeze a pip or two out of the largest hedge funds but it gives the whole industry a bad name.