‘You can’t game the fix,’ jurors hear in FX Cartel trial

Melvin says if the three traders wanted to game the fix, they couldn’t have chosen a worse time because the market is too liquid then

Approaching noon
Market participants trade at the fix for transparent pricing

A witness for the defence in the Cartel trial told jurors on October 22 that foreign exchange benchmarks are very difficult to manipulate, and concluded from his analysis that the trading behaviour of the three men on trial showed no difference from other market participants active around fixes.

Michael Melvin, executive director of the master’s programme at the Rady School of Management at the University of California, San Diego, said that while preparing his testimony, he spoke with Shirley

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