After a decade of scandals and manipulation, the currency market is rediscovering virtue

Posted on Jan 28, 2021, 12:26 PM

Struck for ten years by a series of scandals, from City to New York, with more than 12 billion dollars in fines linked to currency manipulation and hidden pricing, the currency market wants turn the page and restore its image. Today, some banks are trying to promote more virtuous behavior from one of their customers, the companies.

“Companies are more and more aware of the issues and problems of SRI (socially responsible investment), notes Bruno Laurier, global head of foreign exchange sales and corporate investment solutions at Societe Generale. In our Hedge to Pledge initiative, we offer companies that regularly negotiate their foreign exchange transactions with Société Générale to round off the price at which they trade with us. We are committed to matching an amount equivalent to this slight additional cost. The full amount will be paid to an association chosen by the company from a set of associations selected by Epic, an external partner. “

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