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FX Traders Boasted of Whacking Market

Group used instant messages to coordinate strategies to manipulate currency market.

By Gavin Finch and Liam Vaughan, Bloomberg | Updated on November 13, 2014

In an early morning chat, three senior currency traders at some of the world’s biggest banks weighed the pros and cons of admitting a fourth member to their private instant-message group.

The traders — from Citigroup Inc., JPMorgan Chase & Co. and UBS AG — had worked together for years to manipulate the $5.3 trillion-a-day currency market by sharing details of client orders and coordinating trading strategies, two people with knowledge of a global investigation into the foreign-exchange market said last year. While adding a new recruit would bolster their strength, they worried he couldn’t be trusted to put the group’s interests ahead of his firm’s.

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