Barclays chats reveal extent of USD/RUB manipulation
Electronic messages reveal three traders conspiring to fix the benchmark
Industry concerns over whether a USD/RUB benchmark operated by the CME Group and the Emerging Markets Trade Association (Emta) was being manipulated have been proven correct following the release of chats on May 20 between a Barclays' foreign exchange trader and counterparts at other banks.
The electronic messages reveal three traders conspiring to fix the submissions-based benchmark by artificially lowering their indicative bid and offer rates handed to the CME, which calculates the fixing. The
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