Financial crime ‘hot spots’ – empirical evidence from the foreign exchange market
利用自然实验研究合谋基准操纵对外汇市场特征的影响，通过数字度量检测被起诉外汇数据中货币对的异常模式，提出一种筛选其他金融基准和市场的实用方法。
This paper uses a natural experiment to investigate the effects of collusive benchmark manipulation on foreign exchange (FX) market characteristics. Constructing digit-based measures, the empirical analysis detects anomalies throughout different digit positions of currency pairs in prosecuted FX data. The findings contribute to the understanding of suspicious patterns during the World Markets Company and Reuters benchmark window around the London close and suggest a simple, practical, and useful approach to screening other financial benchmarks, markets, and time periods.