'Yeah baby': Forex-riggers' online chatter

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As five banks are hit with massive fines relating to an investigation into foreign exchange markets, an insight into the collusive and macho world of the forex-riggers has emerged

On Wednesday, the U.S. Commodity Futures Trading Commission (CFTC) on Wednesday published "Examples of Misconduct in Private Chat Rooms" which detailed the online conversations between traders as they tried to manipulate the markets.

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It revealed that traders called on each other to "join forces" and "double team it", before congratulating each other on the outcome.

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Here are some examples of chat room conversations published by the CFTC (the spelling mistakes are theirs, not ours):

In the first extract, three traders discuss inviting a fourth into their private chat room:

Bank Y Trader: will he tell rest of desk stuff

god forbin his nyk…

Bank X Trader: yes

that's really imp[ortant] q[uestion]

dont want other numpty's in mkt to know

but not only that

is he gonna protect us

like we protect each other against our own branches

Every day, a currency fix is agreed, based on the price that currency trades at over a 60 second period. Traders were eager to make a quick profit by buying up currencies just before they knew clients were going to buy large amounts of the same currency at the daily fix. This way the traders could sell on at a profit when the price rose at the fix.

Before the 4 p.m. fix period closes, traders discuss cable - another name for the sterling-dollar exchange rate:

Bank W Trader: early days but im a seller cable at fix

Bank S Trader: here also

Bank R Trader: u got much to do in fix [Bank Trader W]

Bank W Trader: im seller 130 cable that it

Bank W Trader: hopefulyl a fe wmore get same way and we can team whack it

After the fix period, they congratulated each other:

Bank R Trader: well done gents

Bank W Trader: hooray nice team work

Bank U Trader: nice one mate

And here's another celebratory example:

Bank W Trader: yeah babyxx

Bank W Trader: [Bank U Trader] [Bank W Trader 1] combo boom

Bank U Trader: loved that mate

Bank U Trader: worked lovely

Bank U Trader: pity we couldn't get it below the 00

In another extract, the traders - from different banks - explicitly refer to working together:

Bank W Trader: i'd prefer we join forces

Bank Y Trader: perfick

lets do this…

Bank Y Trader: lets double team them

Bank W Trader: YESssssssssssss

Here, traders discuss unloading positions just prior to the fix period:

Bank W Trader: can u let me know when are down to your last tenner

Bank U Trader: ok

Bank U Trader: i'm down to my last tenner

Bank W Trader: ok ta

Bank W Trader: just sold some more

Bank U Trader: hahaha

Bank W Trader: hehehe

Bank W Trader: nice on[e] son

Bank U Trader: learnt from a good fella

Bank W Trader: there u go

Bank W Trader: go early, move it, hold it, push it

- By CNBC's Katrina Bishop