Barclays, Citigroup, J.P. Morgan, MUFG and Royal Bank of Scotland have been fined a total of $1.2 billion by EU regulators for rigging the forex market. The foreign exchange market is not easy to manipulate. But it is still possible for traders to change the value of a currency in order to make a profit. Dr Mangudya said the auction system was transparent. “For one to suggest that the forex auction process is not transparent is hypocrisy and such people should not be taken seriously,” he said. Currency rigging definition Currency price rigging or price-fixing or collusion is a very rare and illegal action of a market manipulation that occurs when parties conspire to fix or inflate currency prices to achieve higher profits at the expense of the consumer. How forex rigging takes place Forex rigging in the market is a feasible way, but only to an extent. Their sheer size and nature ensure that only any artificial change is temporary, and ordinary Forex traders are simply not large enough to be affected.