Conversations in 2006 between foreign exchange traders and Bank of England officials do not point to traders being concerned about rigging of the £5.3 trillion daily market, according to the central bank's director of markets. Paul Fisher told the House of Commons Treasury Select Committee that records of these and other conversations, minutes of which the bank released last week, were evidence of no more than "a lot of traders whinging about how difficult their life is". The dealers were in fact complaining about hedge funds and other large participants in FX markets making it harder for them to manage their risk positions ahead of the 4pm price fix in London, he told the MPs. "This is the dealers trying to produce foreign exchange orders for their clients at a fixed price, and finding that the rates were being moved by the activities of other participants in the market, such as the large hedge funds, which would appear to the dealers to be moving the market against them," Fisher said.
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