FX benchmark manipulation: a buy-side perspective
Allegations last year that traders colluded to manipulate the WM/Reuters foreign exchange fix have led to the biggest scandal the FX industry has faced for many years. Most top-tier banks have come under intense scrutiny as the investigations have progressed, with the buy side largely seen as the unwitting victim of a scam to move rates in favour of their counterparties.
Not so, says Patrick Fleur, head of trading and execution at PGGM, one of the largest pension fund managers in the world with
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