DJ: Thomson Reuters Probes FX Trading Breach
Thomson Reuters Probes FX Trading Breach
by Dow Jones Newswires
The electronic currencies-dealing unit of Thomson Reuters (TRI) is investigating whether one of its high-speed trading clients, Lucid Markets, broke its rules to gain an unfair advantage in foreign-exchange markets.
According to a document seen by Dow Jones Newswires, executives at Thomson Reuters, which competes with Dow Jones for news and information services, said the trading firm hooked up to several of its market-data servers at once, potentially breaking rules designed to ensure fair market access for all the system's users.
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Comment by Peter jcp on November 1, 2012 at 12:01am -
Hi Francesc - I think nowadays its taken for granted that to have an extra "edge" in the currency markets - rules are broken. It probably similar to driving along the highway or autobahn when there is a 100km/ per hr speed restriction - at 110kph - you get away with it - at 170kph - you get caught fined and could lose your licence.
The trouble is that the "rogues" are up to every trick possible - ( and more) simply because the reward are so great - it all makes it worthwhile. It easy to say its a "one off" and someone in the firm can take the "can" - so to make out the firm is still "squeaky clean"
I dont know why they are even bothered with instant news info etc - normally someone will even know before its even happened - or even gets to Thomson's or Reuters - but then that's another topic ;-))
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