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Deutsche Bank, HSBC accused of silver fix manipulation
By Patricia Hurtado
Bloomberg News
Saturday, July 26, 2014
NEW YORK -- Deutsche Bank, HSBC Holdings, and Bank of Nova Scotia were accused in a lawsuit of rigging the price of billions of dollars in silver, an allegation similar to earlier suits involving the London gold fix.
The banks unlawfully manipulated the price of the metal and its derivatives, an investor claims in a complaint filed yesterday in federal court in Manhattan. The banks abused their position of controlling the daily silver fix to reap illegitimate profit from trading, hurting other investors in the silver market who use the benchmark in billions of dollars of transactions, according to the suit.
"The extreme level of secrecy creates an environment that is ripe for manipulation," according to the complaint. "Defendants have a strong financial incentive to establish positions in both physical silver and silver derivatives prior to the public release of silver fixing results, allowing them to reap large illegitimate profits." ...
... For the remainder of the story:
http://www.bloomberg.com/news/2014-07-25/deutsche-bank-hsbc-accused-of-s...
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