Foreign exchange market
The foreign exchange market is the decentralised, mostly over-the-counter market in currencies. Its size and fragmentation made the daily benchmark fixes unusually influential and unusually exposed.
Where does foreign exchange market come up?
This term is used in the following manipulation techniques, each explained in full on its own page.
Enforcement actions involving these techniques
| Action | Agency | Filed | Technique | Penalty | Status |
|---|---|---|---|---|---|
| OSC v. Royal Bank of Canada (front running, 2019) | OSC | 2019-08-26 | Front Running , FX Fixing +3 | — | settled |
| OSC v. The Toronto-Dominion Bank (benchmark submission rigging, 2019) | OSC | 2019-08-26 | Benchmark Submission Rigging , Front Running +3 | — | settled |
| CFTC v. of Attempted Manipulation and False Reporting of Foreign Exchange Benchmark Rates (benchmark submission rigging, 2015) | CFTC | 2015-05-21 | Benchmark Submission Rigging , FX Fixing +1 | $400m | judgment |
| FCA v. Barclays Bank PLC (benchmark submission rigging, 2015) | FCA | 2015-05-20 | Benchmark Submission Rigging , FX Fixing | — | settled |
| CFTC v. of Manipulation (benchmark submission rigging, 2015) | CFTC | 2015-04-24 | Benchmark Submission Rigging , FX Fixing +1 | $800m | judgment |