WMR scandal

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Foreign exchange reference rates fixing

"... corporate treasurers were shocked when the FX market rate fixing (WMR) scandal broke in 2014, revealing that they had been paying over the odds for FX for several years due to a market that had been manipulated by traders at different banks, in a similar fashion to the Libor market where a false benchmark imposed extra costs."
The Treasurer magazine, September/October 2017, p38 - Neill Penney, managing director and global head of trading, Thomson Reuters.

See also