Last week regulators from the US, Britain, and Switzerland announced fines of $4.25 billion against several major financial institutions for conspiring to manipulate the foreign exchange markets. Simultaneous with the settlement announcements, the CFTC published select transcripts detailing chat room evidence of the manipulations. The transcripts are rough reading, especially if you aren’t a text-happy teenager well versed in financial slang and impervious to foul language. But because they afford critical background for our story, we’ve decided to translate a short excerpt from one chat into clearer, safe-for-work English. The excerpt comes from three traders discussing how they could manipulate the 4 pm WM fixing for GBP-USD (often referred to as “cable” by FX traders), selling large amounts just before the fixing to drive the rate down. Trader 1 (70 minutes until fix): it’s early but I am selling cable…

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Our purposes and values are what define us At Chatham, we have sought to build a company where our collective common bond around our purposes and values is obvious to our clients, partners, vendors and communities. Our purposes—the reasons for our existence—inspire us to the level of excellence for which we are known. And our values provide guardrails on our journey toward accomplishing our purposes. Our Purposes Since our founding, Chatham has embraced a multiple bottom line philosophy that can be best summed up in our company’s recognized five purposes. These purposes articulate why we exist: Impact our clients. Chatham seeks to earn each client’s trust and partner with them for mutual success. Impact markets. Chatham seeks to make the markets we serve fair, safe, and transparent. Impact Chathamites. Chatham seeks to create a vibrant culture in which Chathamites develop…

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