Clues that were available to outsiders should have been picked up internally long ago, but prime responsibility lies with those who participated directly. The practice appears to have been so common amongst influential traders that the phrase Warren Buffett described as the five most dangerous words in business, "everyone else is doing it", comes to mind.

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The Financial Stability Board, a watchdog that advises the G20 finance ministers, has set up a task force to recommend reforms of the forex market. As a result, the window in which the daily 4pm fix is calculated has been extended from one minute to five minutes. This makes it harder to manipulate.

In addition to the five minute fix, the central banks' co-ordinator - the Bank for International Settlements - is trying to get all the banks to agree a unified code of conduct, but this has not yet been settled. Ironically, the forex market had been considered by regulators too big to be manipulated and it has been largely unregulated. Yet there were some early warning signs that all was not well.

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Minutes of a meeting of dealers at the Bank of England back in appear to suggest that the possibility of market manipulation was discussed in front of officials, but the Bank of England denies this interpretation. Nine years on, it has led global regulators in cleaning up the forex market - and not before time, critics will say. Institutional cheating of the kind we have seen in the Libor and forex scandals will probably die out for a while.

Regulators now know that light-touch regulation was an invitation to the financial services industry to game the rules and they have responded with more intrusive supervision and hefty deterrents. Against this background, it would be surprising if systemic malpractice were to continue in the immediate future.

But there is no room for complacency in an industry where corporate memories are short and rewards for beating the market are great.

Why is it so big?

Philip Augar is a former investment banker and the author of several books on the City. Why is it so big? How does it work? What is the fix?



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How was the fix rigged? Shouldn't it have been detected sooner? Has any action been taken since?

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Was there a regulatory failing? Can such scandals be prevented? Individual traders have seen colleagues marched off the trading floor to face questioning. Managers have finally understood the need for line-by-line, desk-by-desk scrutiny. Edward Ricketts, who says he learned his tips from Youtube, was just 16 when he spotted a Foreign Exchange Market trader boasting on Instagram about how much money he was making. Proving him wrong, Edward spent hours watching YouTube videos on how to make money by buying, exchanging and sell global currencies online for a profit.

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Edward, who is currently studying a business and enterprise course, first came across Forex when he saw a trader on Instagram — who was double his age — in August I never had much money growing up, as a kid. I had to ask my parents for money. Get in touch with our news team by emailing us at webnews metro.

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