On May 20, 2015, five of the world's largest banks were found guilty by the U.S. Department of Justice for manipulating the FX market between 2008 and 2012. Since you have taken FINM8007, you know that the FX market is a 24-hour market and FX rates may fluctuate wildly, therefore it can be difficult to decide on the market value of portfolios of investors and businesses. To overcome this problem, a daily benchmark price (called the London 4pm fix or simply the fix) is established. The fix is the median price calculated over a one-minute window centred on 4pm (i.e., median of executed prices taken at one-second intervals from 30 seconds before 4pm to 30 seconds after 4pm). The banks charged on May 20 admitted that their FX traders colluded with each other in order to influence the benchmark price so they can make a profit for their own banks. Based on your knowledge of exchange rate determination and our class discussions, explain what actions these traders could have taken to profit themselves and why the process would work. (11 marks)