Troubled FX industry set to defend 'self regulation' -
http://reut.rs/1dO8j6L
Quote:A bruised foreign exchange industry regroups in Berlin this week after months of revelations on alleged collusion and market manipulation that threaten the "self regulation" model it has championed for decades.
The ACI, the main umbrella group for dealers in the world's single biggest financial market, holds its annual world congress at a time of turmoil for the industry, hit by the dismissal or suspension of more than two dozen of its leading lights.
In the highly fragmented, $5 trillion a day market, it is one of the few forums for senior bankers and brokers to discuss a concerted response to the row, which centers around claims that top dealers colluded to move benchmark exchange rates.
Too funny these FX goons camp...
$15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!