Commodity Futures Trading Commission ♦ Office of Public Affairs ♦ 202-418-5080

Commodity Futures Trading Commission

Office of Public Affairs

Three Lafayette Centre

1155 21st Street, NW

Washington, DC 20581

www.cftc.gov

Examples of Misconduct in Private Chat Rooms

Three Traders Discussing Whether to Invite a Fourth Trader into a Private Chat Room 

(Citibank, JPMorgan, UBS)

Bank Z Trader: 7:49:55 are we ok with keeping this as is

7:50:27 ie the info lvls & risk sharing?

Bank X Trader: 7:50:27 well...

Bank Z Trader: 7:50:30 that is the qu[estion]

Bank X Trader: 7:50:32 you know him best obv...

7:50:39 if you think we need to adjust it

7:50:43 then he shouldn’t be[] in chat

Bank Y Trader: 7:50:54 yeah that is key

7:51:00 simple question [Bank Z trader] 

7:51:08 I trust you implicitly [Bank Z trader] 

7:51:13 and your judgement 

7:51:16 you know him

7:51:21 will he tell rest of desk stuff 

7:51:26 or god forbin his nyk...

Bank X Trader: 7:51:46 yes 

7:51:51 that’s really imp[ortant] q[uestion]

7:52:01 dont want other numpty’s in mkt to know 

7:52:17 but not only that 

7:52:21 is he gonna protect us

7:52:33 like we protect each other against our own branches

7:52:46 ie if you guys are rhs1.. and my nyk is lhs..ill say my nyk lhs in few

Bank Z Trader: 7:53:52 what concerns me is that i know he’ll never tell us when at risk...

Trader Visits Multiple Chat Rooms in Attempt to Manipulate WM/R fix (HSBC)

At 2:50 pm, the Bank U trader discloses in one chat room that he is a net seller (lhs) in cable:2 

Bank W Trader 1: 2:50:21 pm: early days but im a seller cable at fix

[. . .]

Bank S Trader: 3:11:43 pm: here also

Bank R Trader: 3:24:50 pm: u got much to do in fix [Bank Trader W]

 

1

 If an FX trader has orders to sell of the first currency listed in any currency pair, it is often referred to as being on the left-hand side, 

or “lhs.” If an FX trader references right hand side, or “rhs,” it indicates that the FX trader is a buyer of the first currency listed in a 

currency pair.

2 The GBP/USD currency pairing is routinely referred to by traders as “cable.” 
Commodity Futures Trading Commission ♦ Office of Public Affairs ♦ 202-418-5080

Bank W Trader 1: 3:25:07 pm: im seller 130 cable that it

[. . .]

Bank W Trader 1: 3:28:02 pm: hopefulyl a fe wmore get same way and we can team

whack it

Bank R Trader: 3:28:17 pm: ill do some digging

[. . .]

Bank W Trader 1: 3:36:13 pm: im seller 170 gbp atmofix

Bank R Trader: 3:36:26 pm: we sellers of 40

Bank U Trader: 3:38:26 pm: lhs in cable at the fix

Bank U Trader: 3:38:29 pm: good amount

As the 4 p.m. fix period closes, the participants in the chat room made the following statements:

Bank R Trader: 4:00:35 pm: well done gents

Bank W Trader 1: 4:01:56 pm: hooray nice team work

Bank U Trader: 4:02:22 pm: nice one mate

Simultaneously, in a separate, private chat room prior to the close of the fix period, Bank U Trader informs

Bank W Trader 2 at 3:25 pm that he should buy cable at the fix. Shortly thereafter, Bank U Trader tells Bank

W Trader 2 that he has a net sell order of approximately 400 million cable at the fix, and Bank W Trader 2 says

he is a seller of 150 million cable at the fix: 

Bank U Trader: 3:25:19 pm: get lumpy cable at the fix ok

Bank W Trader 2: 3:25:32 pm: ta mate

Bank W Trader 2: 3:25:35 pm: 150 here

Bank U Trader: 3:25:46 pm: 400 odd here

Bank U Trader: 3:25:50 pm: lets go

Bank W Trader 2: 3:26:00 pm: yeah baby

Bank U Trader: 3:26:03 pm: [Bank W Trader 1] is too

[. . .]

Bank W Trader 2: 3:27:00 pm: sry thats the [Bank W] flow

Bank W Trader 2: 3:27:23 pm: [Bank W Trader 1] gets

Bank U Trader: 3:28:26 pm: so its 150 all day wiht you guys?

[. . .]

Bank W Trader 2: 3:36:34 p.m.: 170 here

As the 4 p.m. fix period closes, Bank U Trader and the other participants in the chat room made the following

statements:

Bank W Trader 2: 4:01:03 pm: nice job mate

Bank U Trader: 4:03:34 p.m.: haha

Bank U Trader: 4:03:40 pm: i sold a lot up there

Bank U Trader: 4:03:46 pm: and over sold by 100

Bank U Trader: 4:03:48 pm: hahaha

[. . .]

Bank W Trader 2: 4:04:06 pm: sweet nice job

[. . .]

Bank W Trader 2: 4:05:04 p.m.: bravo

At the same time, Bank U Trader discloses he is selling at the fix in yet another private chat with a trader at

Bank V prior to the close of the fix period, at 3:28 pm:
Commodity Futures Trading Commission ♦ Office of Public Affairs ♦ 202-418-5080

Bank U Trader: 3:28:45 pm: lhs in about 300 quid cable for the fix

Bank V Trader: 3:28:54 p.m.: sweet

Bank U Trader: 3:29:42 pm: can you do some digging and seeif anyoine is that way

Bank V Trader: 3:29:52 pm: ofcourse mate

Bank V Trader: 3:34:49 pm: im getting 83 at mom mate

Bank U Trader: 3:34:56 pm: nice

[. . .]

Bank V Trader: 3:37:38 pm: someone tells a guy here he is getting 170 cble at fix

Bank V Trader: 3:43:28 pm: see that [Bank U Trader]

Bank U Trader: 3:43:57 pm: thx

As the 4 p.m. fix period ends, Bank V Trader and Bank U Trader continue: 

Bank V Trader: 4:00:51 pm: have that my son

Bank V Trader: 4:00:52 pm: hahga

Bank V Trader: 4:00:56 pm: v nice mate

Bank U Trader: 4:04:53 pm: that worked nice mate

Bank V Trader: 4:05:44 p.m.: big time mate.

In a fourth chat room, Bank U Trader discloses his position with traders at other banks prior to the close of the

fix period. The traders starting at 3:36 pm share information about the size and direction of the net orders at the

fix period:

Bank W Trader 2: 3:36:18 pm: see first seller now

Bank Z Trader: 3:36:48 pm: you gettingt betty3on the mumble still [Bank W Trader 2] ?

Bank Z Trader: 3:36:51 pm: we have nowt

Bank W Trader 2: 3:36:56 pm: yep

Bank W Trader 2: 3:36:59 pm: 170

Bank Z Trader: 3:37:05 pm: ta

Bank Z Trader: 3:37:21 pm: get it up to 60/70 then bash the fck out of it

Bank U Trader: 3:38:26 pm: lhs in cable at the fix

Bank U Trader: 3:38:29 pm: good amount

Bank Z Trader: 3:38:35 pm: ta

[. . .]

Bank Z Trader: 4:00:28 pm: nice work gents

While participating in these four separate chat rooms referenced above, at 3:38 pm, Bank U Trader

simultaneously commented in three additional chat rooms in which traders from Bank V, Bank W, and Bank N

also participated, that he was “lhs in cable at the fix” and “good amount.” 

Commencing at 3:43 pm, in another private chat, Bank W Trader 1 told Bank U Trader that another firm which

was not a participant in the chat room was “building” in the opposite direction to them and would be buying at

the fix. At 3:43 pm, Bank W Trader 1 then reported that he has taken action to net off against this order, which

would be in the opposite direction at the fix than Bank W Trader 1’s and Bank U Trader’s positions:

 

Bank W Trader 1: 3:43:52 pm: right ive taken him out

Bank W Trader 1: 3:43:58 pm: he paid me for 186

 

3

 Like the term “cable”, “betty” is also a shorthand name for British Pound Sterling used by some FX traders.
Commodity Futures Trading Commission ♦ Office of Public Affairs ♦ 202-418-5080

Bank U Trader: 3:44:09 pm: ok thx

Bank W Trader 1: 3:44:15 pm: so shud have giot rid of main buyer for u

Bank W Trader 1: 3:44:58 pm: im stilla seller of 90

Bank W Trader 1: 3:45:06 pm: gives us a chance and ive paid a load of bro ha

Bank W Trader 1: 4:05:03 pm: yeah babyxx

Bank W Trader 1: 4:05:11 pm: [Bank U Trader] [Bank W Trader 1] combo boom

Bank U Trader: 4:05:22 pm: loved that mate 

Bank U Trader: 4:05:26 pm: worked lovely

Bank U Trader: 4:05:34 p.m.: pity we couldn’t get it below the 00

In another chat room, the Bank U Trader and a different trader at Bank W discuss unloading positions just prior

to the fix period commencing at 3:54 p.m.: 

 

Bank W Trader 3: 3:54:32 pm: can u let me know when are down to your last tenner

Bank U Trader: 3:55:02 pm: ok

Bank U Trader: 3:55:10 pm: i’m down to my last tenner

Bank W Trader 3: 3:55:17 pm: ok ta

Bank W Trader 3: 3:55:41 pm: just sold some more

Bank U Trader: 3:55:49 pm: hahaha

Bank W Trader 3: 3:55:51 pm: hehehe

Bank W Trader 3: 4:00:57 pm: nice on[e] son

Bank U Trader : 4:03:15 pm: learnt from a good fella

Bank W Trader 3: 4:15:43 pm: there u go

Bank W Trader 3: 4:16:48 pm: go early, move it, hold it, push it

Traders from Two Banks “Double Team” to Attempt to Manipulate Fix (JPMorgan)

At 3:43:50, a trader from Bank W asked a trader from Bank Y whether he needed to buy Euros in the market in 

the forthcoming fix. The Bank Y trader responded that he had a net buy order for the fix, which he 

subsequently confirmed as totaling EUR105 million. At 3:44:04, the Bank Y trader offered to transfer that net 

buy order to the Bank W trader. The Bank W trader replied “maybe” and then stated that he had a net buy order 

for EUR 150 million.

The traders had the following exchange:

Bank W Trader: 3:46:53 i’d prefer we join forces

Bank Y Trader: 3:46:56 perfick

3:46:59 lets do this...

Bank Y Trader: 3:47:11 lets double team them

Bank W Trader: 3:47:12 YESssssssssssss

Immediately after the fixing window, the traders congratulated themselves:

Bank W Trader: 4:03:25 sml rumour we haven’t lost it

Bank Y Trader: 4:03:45 we

4:03:46 do

4:03:48 dollarrr
Commodity Futures Trading Commission ♦ Office of Public Affairs ♦ 202-418-5080

Traders Share Position Information Prior to Fix and Discuss Trading (RBS)

Bank V Trader: 15:45:35 im getting abt 80 quid now...fixing

Bank U Trader: 15:45:54 my ny 100 quid... 

Bank V Trader: 15:51:19 getting more than u now [Bank U Trader] betty 

Bank U Trader: 15:51:26 ok thx 

Bank W Trader: 15:52:23 nice job gents 

Bank U Trader: 15:54:16 [Bank V Trader], just matched with [Bank 1] and [Bank 2] for 100, 

still lhs in about 140 

Bank V Trader: 15:54:26 cool ....

Bank Z Trader: 16:00:58 i don my hat ....

Bank W Trader: 16:01:08 what a job 

Bank Z Trader: 16:01:23 welld one lads 

Bank W Trader: 16:01:28 bravo 

Bank V Trader: 16:07:03 1.6218..nice 

Bank U Trader: 16:07:33 worked ok that one.... 

Traders Share “Ammo” (RBS)

Bank T Trader: 15:43:32 buying aud and nzd at the fix

Bank V Trader: 15:43:43 Tkx

Bank T Trader: 15:43:52 ntg big

Bank V Trader: 15:43:59 Im buying 50 aud can do yours if you want

Bank T Trader: 15:45:13 ok . . .60 plse . . .****

Bank V Trader: 15:45:56 Great

Bank P Trader: 15:50:00 I need to buy 25 aud at the fix too.. any int? more 

ammo for you...?

Bank V Trader: 15:50:21 Sure [Bank P Trader]

Bank P Trader: 15:51:24 cool all yours [Bank V Trader]

Bank V Trader: 15:51:46 Buying 220 now

Bank P Trader: 15:51:57 good luck

Bank T Trader: 15:52:20 load up your 50 offrs . . .

Bank P Trader: 15:53:14 ill do those ones if you want

Bank V Trader: 15:53:19 haah

Bank T Trader: 15:53:20 ur fkg [Bank V Trader], ramp it

Bank T Trader: 16:00:41 nice one *****

Bank P Trader: 16:00:56 look at you!...-well done mate . . .

Traders Coordinate in an Attempt to Manipulate the EUR/USD Fix (Citibank, JPMorgan)

Bank Y Trader: 3:51:21 ok, i got a lot of euros

Bank X Trader: 3:51:25 ? 

3:51:28 you selling?

Bank Y Trader: 3:51:30 yes

Bank X Trader: 3:51:33 now

3:51:35 or pickun?4

Bank Y Trader: 3:51:39 pick un

3:51:46 u want it? ...

[...]

 

4

“Pickun” is a slang term for a fix order.
Commodity Futures Trading Commission ♦ Office of Public Affairs ♦ 202-418-5080

Bank X Trader: 3:52:24 ill take it [Bank Y trader]

3:52:26 if u dont want it

Bank Y Trader: 3:52:39 tell you what

3:52:42 lets double team it

3:52:45 how much u got

Bank X Trader: 3:52:46 ok

3:52:47 300

3:52:52 u?

Bank Y Trader: 3:53:01 ok ill give u 500 more

Bank X Trader: 3:53:05 wow

3:53:06 ok

3:53:08 ha

3:53:09 cool...

[...]

Bank Y Trader: 3:53:20 so we have 800 each

3:53:21 ok

3:53:31 but we gotta both do some at fix

3:53:36 don’t sell em all and take foot off haha

Bank X Trader: 3:53:40 i promise i will

Bank Y Trader: 3:53:47 me too

At 4:00:14 the Bank X trader reported that he was “hosed.” The Bank Y trader replied with “ditto.”

Traders Match off in a Fix and Coordinate in Attempt to Manipulate Another Fix (Citibank)

Bank X Trader: 3:53:35 can anyone help in chf fix

3:53:38 i lose 130 total

Bank Y Trader: 3:53:46 arb it for more ammo

Bank X Trader: 3:53:55 [Bank Z trader] ur guy want it?

Bank Z Trader: 3:54:09 nope he’s flatish i think

Bank W Trader: 3:54:16 buy the eurchf and les hammer eur

3:54:18 come on

Bank Y Trader: 3:54:29 [Bank X trader] ill do it of u want

3:54:33 ive nothing else to do...

[...]

Bank X Trader: 3:54:53 ok 130 usdchf mine

Bank Y Trader: 3:54:57 ok 130 u buy

Having offset their CHF positions, the traders turned their attention to the EUR in the remaining minutes before 

the fix:

Bank Y Trader: 3:55:01 u want small eurusd?

Bank W Trader: 3:55:19 so [Bank Z trader] u get eur now?

Bank Z Trader: 3:56:00 checkin

Bank Y Trader: 3:56:04 right who wants 40 eur

Bank Z Trader: 3:56:06 sub 30

Bank Y Trader: 3:57:53 gd lk fellas

At 4:00:44 the Bank Y trader stated “no surre any winner there.” Three minutes later, the Bank X trader replied 

with “wmr is impossible.”
Commodity Futures Trading Commission ♦ Office of Public Affairs ♦ 202-418-5080

Traders Share Their “Scores” (UBS)

In another chat, traders for Bank W and three other Banks exchanged positions leading into the WM/R 4 p.m. 

fix. The Bank Y trader said “it cant be a good day to be [right hand side].” Once the four traders determined 

they were all the same direction, the Bank W trader asked if “we gonna be able to get it to 05” to which the 

Bank Y trader responded “is that the troyal fkn we.” After the fixing window closed the Bank X trader said 

“nice call” and the chat room members gave their “scores” or profits from the fix. The chat room members each 

claimed they made between $60,000 and $220,000.

Traders Coordinate in an Attempt to Manipulate a Fix and Congratulate Each Other (UBS)

Traders from Banks V and Z coordinated their trading to attempt to manipulate the WM/R 4 p.m. fix by 

exchanging their client fixing orders and information relating to the type of clients buying. As the 4 p.m. fix 

approached, the following exchange occurred:

 

Bank V Trader: 15:57:45 come on [Bank Z Trader] we can do this

15:57:50 fix it at 07

Bank Z Trader: 15:57:54 ha

15:58:55 keep seeing citi on the bid

16:00:50 nice work