'Messages are full of casual banter, British slang and the lingua franca of foreign-exchange traders'.
'Nothing as of yet mate,' replied the HSBC trader, according to a transcript of the 'Sterling Lads' instant-message group provided to Bloomberg News by a person with knowledge of a global investigation into alleged currency-rate rigging. 'I hope not either, as everything I touched today has cost me money. I just lost 10k there typing.'
Bloomberg News reports that opaque conversations such as this are at the heart of the probe into allegations that traders at some of the largest banks used instant-message groups to share information about their positions and client orders to rig benchmarks used by pension-fund managers.
Authorities also are weighing whether traders used groups like Sterling Lads, and others with names such as 'The Cartel' and 'The Bandits’ Club,' to break rules in their discussions with counterparts at other banks.
The Sterling Lads messages are full of casual banter, British slang and the lingua franca of foreign-exchange traders, with pounds or cash referred to as quid and the amount of U.K. currency - sterling - to be swapped for dollars called cable.
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