The Phaserl


Silver Fixing Lawsuit: Deutsche Bank, HSBC And Bank Of Nova Scotia Manipulated Daily Benchmark Price

by Angelo Young, IB Times:

Three banks abused their power to manipulate the daily benchmark price for silver, violating U.S. antitrust laws and rules established by the Commodity Exchange Act, according to a lawsuit filed in Manhattan on behalf of traders.

The accusations come as banks have fallen under increased scrutiny since the summer of 2012 when they were found to be manipulating the daily London Interbank Offered Rate, or Libor, which affects the cost of borrowing worldwide, from business borrowing to car and home loans.

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