#AceFinanceNews – LONDON – June 12 – (BBC News ) – Headline – More action to tackle wrongdoing in the financial sector will be unveiled by Chancellor George Osborne on Thursday.
The measures will include making the manipulation of the foreign currency markets by banks a criminal offence.
In a keynote speech he will promise to target "the unacceptable behaviour of the few and ensure that markets are fair for the many who depend on them".
There has been increasing concern about whether the multi-trillion pound foreign exchange market was rigged.
In his annual Mansion House speech, Mr Osborne will pledge the extension of legislation used to clean up after the Libor interest rate-fixing scandal.
As well as bringing the Forex currency market under this legislation, it will be extended to those who trade in commodities, and also to the fixed income market, where the most common type of products traded are bonds.
(AFN) – This is a global market that for too long has been controlled by bankers, and the latest revelations to hit the news stands, is the fact that it could be rigged. So our Chancellor will before any facts are revealed, try to convince us he is really going to provide safeguards.
A little bit too late Mr Osborne, the damage is already done, all he can do is mitigate facts. His intention he says will be to put in place an extension to the (FCA) legislation. This is truly impossible to control, under legislation.
There has been concern in the markets since 2008 and nothing was done as for the last four years, everyone has been told – things are improving and the more we bought, the more we made for the banks and finance houses.
As these safeguards need to control any or all financial transactions carried out across the world, including every purchase every person makes every day.
This has since the late eighties been evident, as trading in foreign currency has been completed and transactions, between the buy and sell price manipulated. This has increased as the percentage has increased in accordance with profiteering by investment banks.
"Our company pension funds also use the market, so they can invest globally. If wrongdoing is proved, banks could be facing massive fines.
So what of the taxpayers pension funds, invested by companies into these markets, how safe is your pension pot!
Also and including into this massive manipulation of transactions, will eventually come the property, investment and savings market, not leaving out assets and their value. This could truly be a massive financial manipulation of the financial markets.
We pressed ministers to regulate commodities markets and the full array of financial benchmarks back in 2012, but the chancellor failed to act”
Cathy JamiesonShadow Treasury minister
(BBC) "The chancellor will say that any manipulation could effect the amount people pay for foreign currencies when they go abroad, as well as the amount companies pay."
It has been reported that at least 15 banks are being investigated by regulators around the world for alleged forex manipulation.
Martin Wheatley, the head of the FCA, said recently that the allegations, if substantiated, could be "every bit as bad as Libor".
(AFN) This will pale into insignificance if what l suspect is happening and that in fact the difference between the buy and sell price is in fact inflated by a small percentage and this adds up to bankers raking in billions of Pounds, Dollars and Euro’s.
Take into account recent bankers and their deaths and we could be looking at a reason, l will update this post as and when l have researched further.
Though if l am right as l suspect, we could be looking at a worldwide currency manipulation scandal that will make 2008, look like a glitch in the financial trading world.
Ace Finance News
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