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Former JPM FX Trader Indicted in US
The US Department of Justice has announced it has brought an inductment against former JP Morgan EM FX trader Akshay Aiyer for his role in alleged FX market manipulation. Aiyer is specifically charged with conspiring to fix prices and rig bids and offers in Central and Eastern European, Middle Eastern, and African (CEEMEA) currencies. According to the indictment, from at least as early as October 2010 through at least July 2013, Aiyer, along with other New York-based CEEMEA traders working for rival banks, participated in a conspiracy designed to suppress competition in order to increase each trader’s profits and decrease each trader’s losses.

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