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Six global banks agreed Wednesday to pay $4.3 billion to settle claims over failing to stop traders from trying to rig foreign exchange markets, which came hot on the heels of similar fines for manipulating benchmark interest rates.Older systems to catch misconduct, still in use at some firms, pick through traders' communications for trigger words, but these systems can be easily circumvented.Catelas, which has patented algorithms in behavioral science, specializes in social network and relationship analytics and has tied up with Nasdaq OMX, which has a market surveillance product.Another algorithm updates the traders' relationships and interactions map.The objective is to match suspect conversations and behavioral clues with parties that have a relationship, said Michael Karbouris, head of Asia business development at Nasdaq OMX.The company says more than 40 trading institutions use it, including UniCredit, Royal Bank of Canada and ANZ Bank.
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