German Bank: foreign exchange transactions by cheating software? – STAR

The German bank has to cope with a new scandal: In foreign exchange transactions, the Bank Cheat software is said to have used to artificially delay customer orders – and thereby to enrich himself, reported the “mirror” in the current issue. Has taken advantage of the special software on the company’s own trading platform “highway” that is used for currency trading. But also on other platforms was probably the software used. In December filed a class action against the money home in a New York court

German Bank:. Sleight at Forex trading

The software should have sales orders in currency trading unnecessarily delayed?. The bank was created as a time advantage: the price has developed in an unfavorable direction for the bank, so orders were rejected. In other cases, the customer had to suddenly take for previously displayed significantly poorer classes. The bank must have made checkout. A spokesman for Deutsche Bank dismissed the allegations.

Sleight in foreign exchange transactions investigate overseer for quite some time. Especially big banks to act on this trillion-dollar market – and enrich themselves. The German Bank asserts, to cooperate with the supervisory authorities, reported the “mirror”. In the major currencies euro, dollar or yen there was apparently no evidence of cheating, however, been disagreement in the past known by Argentine peso and the Russian ruble. Dealers were suspended then by the service. Announced

Other lawsuits against the German bank

The action leading law firm Hausfeld announced two other actions in this matter against the German bank, but this time the financial center of London , In the first complaint, it should go to a possible cartel in forex trading. Applicants are companies, pension funds and other banks. In the second action, which is to be submitted in the first half of the year, it should also go to the use of cheat software.