A-level Paper 2, June 2024The National and Global Economy
A-level Paper 2, June 2024, Q3(a)
With reference to the information above, explain what is meant by ‘market rigging’.
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Context
A group of banks, including Barclays and JP Morgan, have been fined more than €1 billion by the EU’s competition authorities for rigging the foreign exchange market after the Global Financial Crisis of 2008. The EU found that traders at the banks had used online chat rooms to share information about customers’ orders, prices and other trading activities in order to manipulate the currency markets.
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