“I

Finweek English Edition - - IN THE NEWS -

f you ain’t cheat­ing, you ain’t try­ing” were the words of one trader work­ing in the for­eign ex­change mar­ket. They be­lie an at­ti­tude that was wide­spread among traders in this mar­ket be­tween 2009 and 2013. Cheat­ing was sim­ply a nor­mal part of a trader’s day job. In fact, not cheat­ing would be to shirk your du­ties. Wide­spread cheat­ing in the for­eign ex­change mar­ket has t urned out to be very costly in­deed. In the past six months, si x large banks around the world have paid out $10bn (R119bn) in fines over the ma­nip­u­la­tion of the global

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