Second FX Trader Pleads Guilty to CEEMEA Currencies Probe
- Cummins purportedly participated in the conspiracy from January 2007 until at least July 2013.
The Department of Justice has obtained its second plea agreement from a former 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 trader in its ongoing probe of conspiring to fix prices in the foreign currency exchange market.
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Christopher Cummins, who was a trader at the FX desks of three financial institutions in New York, was found to have suppressed competition by fixing prices in Central and Eastern European, Middle Eastern and African (CEEMEA) currencies.
Prosecutors said that from January 2007 until July 2013, Mr. Cummins conspired with traders at other firms to fix prices on a FX Trading Platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term. As part of this conspiracy, Christopher and his co-conspirators coordinated bids, created non-bona fide trades and agreed on currency prices they would quote specific customers, according to the Justice Department.
Cummins has agreed to cooperate in the government’s ongoing investigation. The government will ask that the defendant’s cooperation be considered in sentencing. The maximum penalty for the challenged conduct is ten years in prison and a $1 million fine for individuals.
Banks help U.S. broaden currency probe
Christopher's plea came after Barclays and three other banks pleaded guilty at the parent level to conspiring to manipulate currency prices back in 2015. The four banks agreed to pay collectively more than $2.5 billion in criminal fines for their participation in an antitrust conspiracy to manipulate the price of U.S. dollars and euros exchanged in the FX market.
Now the U.S. government is using information from the banks to broaden its long-running investigation into the manipulation of foreign-currency markets. The investors say the banks fixed prices by agreeing to widen the difference between the prices at which they buy and sell currency, manipulating benchmark rates and exchanging confidential customer information to trigger client stop-loss and limit orders.
The Department of Justice has obtained its second plea agreement from a former 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 trader in its ongoing probe of conspiring to fix prices in the foreign currency exchange market.
To unlock the Asian market, register now to the iFX EXPO in Hong Kong
Christopher Cummins, who was a trader at the FX desks of three financial institutions in New York, was found to have suppressed competition by fixing prices in Central and Eastern European, Middle Eastern and African (CEEMEA) currencies.
Prosecutors said that from January 2007 until July 2013, Mr. Cummins conspired with traders at other firms to fix prices on a FX Trading Platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term. As part of this conspiracy, Christopher and his co-conspirators coordinated bids, created non-bona fide trades and agreed on currency prices they would quote specific customers, according to the Justice Department.
Cummins has agreed to cooperate in the government’s ongoing investigation. The government will ask that the defendant’s cooperation be considered in sentencing. The maximum penalty for the challenged conduct is ten years in prison and a $1 million fine for individuals.
Banks help U.S. broaden currency probe
Christopher's plea came after Barclays and three other banks pleaded guilty at the parent level to conspiring to manipulate currency prices back in 2015. The four banks agreed to pay collectively more than $2.5 billion in criminal fines for their participation in an antitrust conspiracy to manipulate the price of U.S. dollars and euros exchanged in the FX market.
Now the U.S. government is using information from the banks to broaden its long-running investigation into the manipulation of foreign-currency markets. The investors say the banks fixed prices by agreeing to widen the difference between the prices at which they buy and sell currency, manipulating benchmark rates and exchanging confidential customer information to trigger client stop-loss and limit orders.