"Yes, Bloomberg reports that five big-time currency traders (as in converting dollars to yen for example) say that they have engaged in or witnessed the fixing of exchange rates for greater profit.
In a rather complicated scheme that involves split-second timing, foreign currency traders, executing orders on behalf of clients, game the system to make larger profits at the expense of those who have retained them to convert currencies.
That's a wordy way of saying clients get cheated by some of the foreign currency traders, because the traders are driving up exchange rates and making money on the increased margin."
