Friday's $2 billion settlement opens the floodgates
On Friday, nine banks agreed to a settlement but the FT writes about how it could be just the beginning. The case was in New York but London is where the bulk of FX trading takes place and it's the big prize.
In addition, courts in Singapore and Hong Kong may see cases. Banks also face civil litigation from investors. It's good to be a lawyer.
If you missed it, on Friday I posted a 1986 BBC documentary on the foreign exchange market. It show two blatant instances of manipulation.
"We want to sell some STG at 60, will U put bid in please"
