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Handling changes: Morgan Stanley alerted in 2009

Handling changes: Morgan Stanley alerted in 2009

U.S. investment bank Morgan Stanley warned his counterparts in the banking sector of possible manipulations on the London foreign exchange market (Forex) in 2009, four years before the launch of an investigation internationally.

According to the BBC, which broke the story on the evening of Monday, December 23, the bank Morgan Stanley had reported, in a report, unexplained movements in the exchange rate dollar-euro during the session of 16 hours which defines ‘index WM / Reuters used by pension funds to assess their investment portfolio. The Morgan Stanley report then estimated at 5% annual loss of an institutional investor’s portfolio because of failures Forex.

As part of the international survey launched in April, a dozen traders banks active in the market for currencies were suspended by their employer because of suspicion of having acted in concert to pervert in their favor the WM Reuters fixing the daily currency rates.

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