Steven Perlberg — Here's Everything You Need To Know About The Growing Investigation Into Rigging The Global Currency Market

We'll start with the basics. The foreign exchange market — "forex" — is the biggest market in the world, though it doesn't get as much mainstream press as its stock and bond brethren. Traders buy and sell money on the forex market.

"The FX market is like the Wild West," one forex expert told Bloomberg. "It's buyer beware."

That's in part because the market is lightly regulated and a ton of currency trading happens in the shadowy realm outside of exchanges.

This particular currency rigging story has been going on for some time, with Bloomberg reporting in June that traders at some of the world's biggest banks had been toying with rates by pushing through trades before the 60-second window when the FX benchmarks are set.

Business Insider
Here's Everything You Need To Know About The Growing Investigation Into Rigging The Global Currency Market
Steven Perlberg