FX benchmarks: everyone's a loser, baby
HSBC case highlights the inherent conflict of interest created by point-in-time benchmarks, says currency consultant
Foreign exchange is back in the headlines, but the issue is the same as ever – a bank, or rather one of its employees, stands accused of manipulating the markets to profit from an unsuspecting client's FX need. Why did this situation arise, and how have things changed since, in a bid to stop a similar situation from unfolding?
Things began going badly for the client from an early stage. It seems ridiculous that such a large one-off deal would have been advertised to the market through a
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