In the past few forex news , there has been a recent scandal that the forex market has been going through. There have been alleged manipulations in exchange rates, participated in by a lot of international banks. Since the scandal blew in 2013, there have been international banks fined which totaled to trillions of dollars. There have also been employees and staff suspension. A lot of employees are still under review and have since been released from a lot of their responsibilities.
Because of this, the foreign exchange industry has decided to meet this week a couple of months after the said scandal. The members of the foreign exchange industry are set to meet in Berlin. This is because the scandal has been threatening the forex market’s self regulating system.
The main professional association for traders is called the ACI. The ACI will hold its yearly meeting during this time- a time when the forex community is going through a very rough patch. Dozens of key members and leaders of the forex industry have been suspended, some have also been released and this has raised a lot of concerns within the ACI.
What Specifically is the Meeting For?
The meeting of ACI will be about the allegations of course. Specifically, its congress will discourse the right way of approaching such allegations. The accusations that there was a scheme by the top traders to manipulate the exchange rate benchmarks have not helped the image of the forex communit. When the forex news broke out, big international banks have since been fined and have made their condemnation of such acts felt. UBS is one of those banks that have just recently removed more forex traders from their posts. The bank has now relieved a total of 7 employees since the scandal.