Forex documents reveal online banter between traders


The cache of documents published by regulators alongside the details of the fines has again lifted the lid on the banter between traders involved in rigging the forex markets.

*One trader described himself and his fellow participants as “the 3 musketeers”. He quipped: “We all die together.”

*A chatroom known as “the cartel” was used by euro traders from Citigroup, JP Morgan, UBS, RBS and Barclays. One potential cartel member was allowed to join on a month’s trial but was warned: “mess this up and sleep with one eye open at night.”

*In another chat a Barclays trader sent a message saying: “fooooooooooookkkkk” as an attempt to rig a rate proved challenging.

*One Barclays trader wrote: “if you ain’t cheating, you ain’t trying”.

*A UBS trader said to a colleague: “So the game plan is: i will ask for the price over the hoot (loudspeaker), and i will leave the phone line open for the customer to hear the hoot. so we need to coordinate on pricing.”

Powered by article was written by Jill Treanor, for on Wednesday 20th May 2015 18.30 Europe/ © Guardian News and Media Limited 2010


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