With all of the computers and automation out there, why aren’t markets open all day? It is because of price fixing at the close. Not because traders want a family life.
Not one but SIX banks face fines up to $2.4 Billion for shady currency trading.
Here is the list of banks: JPMorgan Chase, Citigroup, Barclays, HSBC, Royal Bank of Scotland and UBS.
These banks were caught red-handed with text messages bragging about their shady trades to manipulate currency trading. They talk about the numpty, aka idiot, traders, Here is a summary of the text messages:
If you want to see the full list of text messages, look at this:
How do we solve this problem? Not with fines.
What do all these trades have in common? They were done at market close.
This problem is not just with Forex trading. It also involves the stock market.
We solve this by making the markets stay open 24 hours a day, 7 days a week.
Isn’t freedom defined as being able to buy a burger or a stock at 2 AM?
Note: Forex claims to be open 24 hours but each time zone closes at 4 PM locally.