I write as a retired banker who was briefly a currency trader many years ago and spent a long time associated with a dealing room (not, happily, one caught up in the current imbroglio). It should be understood that for many years currency traders have received a percentage of the profits they earn for their employers, as well as generous salaries. This is obviously an enormous incentive to maximise trading profits. It is easy to understand that with modern means of instant communication the greediest will seek to set up collusive trading rings. Further, a rational observer will understand that the executive directors of the banks harbouring the trading rings, with perhaps one exception, will be unaware of the true state of affairs. That exception is the director of the division within which the trading room operates, often a former currency trader. Currency trading is a set of skills and personalities not usually found elsewhere in the banking world and the unit leaders need to unde...
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