If the US department of justice (DoJ) is to be believed — and who wouldn’t believe it — it seems surprisingly easy to manipulate the foreign exchange market. Or it’s easy enough at least if you’re targeting the rand, happen to have $725m on hand to direct to the exercise and have ready access to one of Bloomberg’s chat rooms.

Then again, the manipulation may only last minutes or even seconds. So perhaps it’s not that easy. But in the DoJ’s latest case, this was sufficient time for an alleged forex manipulator to meet his objectives and score a $20m profit...

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