Cartel
A cartel is a group coordinating to control a market. In the benchmark cases the traders' own chat rooms carried names of that flavour, which prosecutors used to establish the coordination directly.
Where does cartel come up?
This term is used in the following manipulation techniques, each explained in full on its own page.
Enforcement actions involving these techniques
| Action | Agency | Filed | Technique | Penalty | Status |
|---|---|---|---|---|---|
| CFTC v. of Attempted Manipulation and False Reporting of Foreign Exchange Benchmark Rates (benchmark submission rigging, 2015) | CFTC | 2015-05-21 | Benchmark Submission Rigging , FX Fixing +1 | $400m | judgment |
| CFTC v. of Manipulation (benchmark submission rigging, 2015) | CFTC | 2015-04-24 | Benchmark Submission Rigging , FX Fixing +1 | $800m | judgment |
| CFTC v. Five Banks (benchmark submission rigging, 2014) | CFTC | 2014-11-13 | Benchmark Submission Rigging , FX Fixing +1 | $1.4bn | judgment |