Spotlight on ‘points’ post FBI inquiry
Akey subject up for review is the thorny issue of points in the broker/trader relationship, said Mark Snyder, who became chairman of the Federal Reserve-sponsored committee this month.
Broker points -- the pips a broker may have to recoup on mis-matched trades -- can arise legitimately, but became a major part of the FBI’s ‘Wooden Nickel’ investigation (FX Week, November 24), when they were linked to cash payments. Court papers alleged bank traders were ‘cashing points’ -- executing trades with
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