Two Incidents Of FX Market Manipulation Cause Unease In New York And London

BANKS

Two recent trading mishaps disclosed to FX Week illuminate how rogue market participants can move the forex markets -- and how banks and brokers have little recourse when someone sets out on a path to take advantage of the world's only truly unregulated market, sources say.

In one instance of apparent abuse, four or five New York brokerage shops received telephone calls by someone "posing" as a trader for Westdeutsche Landesbank Girozentrale (West/LB) Hong Kong, sources say. The calls took pl