London ‘Cartel’ Traders Petition US Court to Dismiss FX Rigging Charges
- The indictment accuses the trio with conspiring to restrain trade from the end of 2007 through the beginning of 2013.
Three ex-traders at the heart of criminal investigations over their participation in a Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term rigging chatroom on Monday asked a US judge to dismiss the case against them, saying they did nothing wrong as their banks “weren’t always in direct competition.”
Richard Usher, formerly of JPMorgan Chase & Co., Rohan Ramchandani, who worked at Citigroup Inc., and Chris Ashton, a former Barclays Plc trader, allegedly created a chat group that they named “the Cartel” to coordinate trading of US dollars and euros and manipulate the prices of the Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term rates.
"This is just banks contacting each other," said Michael Kendall, the lawyer of JPMorgan trader Usher.
However, Assistant US. Attorney Carrie Ann Syme said the indictment actually accuses them of conspiring to restrain trade from the end of 2007 through the beginning of 2013. Syme said that while competitors deal with each other in every market, the goal of the three men was to suppress and eliminate competition in the trading of the euro and dollar in the US, UK, and Switzerland.
The indictments against the trio came after US authorities faced criticism for not prosecuting any traders involved in the FX rigging scandal since it broke out in 2013, although they did impose multi-billion dollar fines against major banks.
Back in March 2016, Britain’s Serious Fraud Office looked at the same evidence and decided not to bring charges, citing insufficient evidence for a realistic prospect of conviction.
Lawyers for the traders criticized the US for moving forward with the case, but the City traders agreed to voluntarily travel to New York to defend themselves and deny any wrongdoing.
Three ex-traders at the heart of criminal investigations over their participation in a Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term rigging chatroom on Monday asked a US judge to dismiss the case against them, saying they did nothing wrong as their banks “weren’t always in direct competition.”
Richard Usher, formerly of JPMorgan Chase & Co., Rohan Ramchandani, who worked at Citigroup Inc., and Chris Ashton, a former Barclays Plc trader, allegedly created a chat group that they named “the Cartel” to coordinate trading of US dollars and euros and manipulate the prices of the Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term rates.
"This is just banks contacting each other," said Michael Kendall, the lawyer of JPMorgan trader Usher.
However, Assistant US. Attorney Carrie Ann Syme said the indictment actually accuses them of conspiring to restrain trade from the end of 2007 through the beginning of 2013. Syme said that while competitors deal with each other in every market, the goal of the three men was to suppress and eliminate competition in the trading of the euro and dollar in the US, UK, and Switzerland.
The indictments against the trio came after US authorities faced criticism for not prosecuting any traders involved in the FX rigging scandal since it broke out in 2013, although they did impose multi-billion dollar fines against major banks.
Back in March 2016, Britain’s Serious Fraud Office looked at the same evidence and decided not to bring charges, citing insufficient evidence for a realistic prospect of conviction.
Lawyers for the traders criticized the US for moving forward with the case, but the City traders agreed to voluntarily travel to New York to defend themselves and deny any wrongdoing.