A New Financial Scandal - Bigger Than LIBOR?
Last Monday, our Malcolm Massey, Neil Foster and Mark Anderson took a post-Bilderberg walk around the Grove Hotel to see what they could see. What they found was a meeting room with a Thomson Reuters display panel.
Article | June 13, 2013 - 4:20pm | By Mike Robinson
The display panel with Thomson Reuters logo clearly marked was entitled "unleashing the power of our unified platform on financial markets".
A Bilderberg Agenda Item?
Why would Thomson Reuters advertise to Bilderberg Attendees? It is easy to see that Reuters would do so at a financial event for City of London traders or casino bank managers, but politicians and industrialists? How likely is it that the attending bankers were not already aware of the implications of Reuters trading platforms?
Was this just an advertisement, or were Reuters running some kind of presentation? Those who saw the room first hand certainly left with the opinion Reuters had given a presentation of some kind.
If that is the case, then the question becomes what is meant by "unleashing the power ... on financial markets?
Perhaps some news released by Bloomberg yesterday gives a clue what happens when Reuters trading platform is unleashed on financial markets, for we seem to have yet another global manipulation scandal on our hands, possibly even more significant than LIBOR.
Bloomberg reported yesterday that five whistleblowers who have been working as foreign exchange traders have stated that the $5 trillion foreign exchange market is rigged. They allege that the world's biggest banks have been systematically manipulating the foreign exchange rates used to set the value of trillions of dollars of investments and derivatives. The main target of this has been pension funds all over the world.
Not surprisingly the centre of this activity has been the City of London, just as with LIBOR.
The traders told Bloomberg that the banks were actively trading against their clients by making use of a 60 second window in which trading is supposed to be paused. The traders told Bloomberg that, "dealers colluded with counterparties to boost chances of moving the rates."
The Financial Conduct Authority, one of the bodies set up to replace the Financial Services Authority, says it is investigating and is speaking to the relevant parties.
Which platform is used to distribute the Foreign Exchange rates? None other than Thompson Reuters, as with LIBOR. The same Thompson Reuters which took part in Bilderberg.
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A New Financial Scandal - Bigger Than LIBOR? | UK Column
http://www.ukcolumn.org/article/new-financial-scandal-bigger-libor