The last count was over 60 traders of various products, predominantly NDFs and SGD, being suspended, subsequently fired, allowed to resign, reinstated back in their former roles or into a new role.
People stopped counting. Along the way, some other traders left, traders like myself, who were outside the scandal radar.
Was it all just about the fixing ?
It seems not. Several traders were involved in deal price fixing, apparently but unverified. It had nothing to do with the daily published SOR or Libor rates, for that matter. It was a case of antitrust and rigging the rates of a customer deal during the pricing window. Unfortunate indeed.
What did the authorities do ?
What happens to the markets now that there is a void of traders and we have banks shutting down trading operations ? What happens when we have a powerful consortium of traders and their powerful broker left to run the market now ? Or hedge funds too ? Traders who are loyal to their friends and family in other banks and not to their banks ? Traders who are wise to communicate through Whatsapp, a private and proprietary network, and other social communication networks instead of Bloomberg chats and SMS’es?
Nothing has changed.
Perhaps retrospective action is not as effective as a proactive approach.
Just a thought and my humble opinion and, in no way intended to malign or slander or even accuse anyone of any wrongdoing.