A recent precedential decision by the US Court of Appeals’ Second Circuit has possibly opened a door for former HSBC FX trading head Mark Johnson to have his conviction overturned. Johnson has separately filed to the US Supreme Court to have that court listen to an appeal against the judgement on eight counts of wire […]
Tag: Cairn Energy
As former HSBC FX cash trading head Mark Johnson takes his case to the US Supreme Court, ACI – The Financial Markets Association (ACI FMA) has filed a second Amicus Curiae to support his efforts to have his case heard and conviction overturned. Additionally, the New York Council of Defense lawyers (NYCDL), a not-for-profit professional association […]
There is so much happening at the moment it’s hard to know where to start, so let’s kick off with the good, before moving to the cynical. First up, hearty congratulations to Martyn Mead, who left Barclays, and, I understand, the FX industry, last week after four decades, the majority of which he spent at […]
And so, Mark Johnson’s battle to have his conviction overturned moves onto the next chapter with a petition for either a re-hearing by the original appeal court panel or by the entire appeals circuit bench – and it is to be hoped that enough of the judges concerned see the absolute need for such a […]
Mark Johnson’s legal team has filed a petition to have his appeal reheard or reheard “en banc”, before the entire bench of active appeal circuit judges, as he seeks to have his conviction for wire fraud overturned. In September Johnson lost an appeal in front of three appeal court judges, however his team has filed […]
In what may be a significant decision for the foreign exchange industry, former HSBC head of cash FX trading Mark Johnson has lost his appeal to have his conviction and sentence overturned in the US. In their decision, justices Calabresi, Lohier and Donnelly, say: “We conclude that there was sufficient evidence to convict Johnson on […]
I have had a chance now to listen to the oral arguments given in the Mark Johnson appeal and while my underlying belief that this is a wrong conviction remains unshaken it is also clear to me that few involved in this case from the legal fraternity actually understand foreign exchange markets and how they […]
I may, not for the first time, be reading too much into a brief sentence, but I found it significant in my conversation with Simon Potter, outgoing chair of the Global FX Committee, that when talking about the review of the Code he mentioned “the handling of larger orders” as one area of possible review. […]
The news this week that the US government has failed to prosecute another FX trader is yet another indication of both the eagerness of the authorities there to have a “head” to represent the general misconduct of bankers, as well as those same authorities’ lack of understanding as to how the FX market works. In this case, as well as that of Mark Johnson, there is more than enough evidence to indicate the “customer” knew perfectly well how the FX market operates and therefore were most definitely not “victims”.
I have previously argued that the FX industry needs to pay attention to the outcome of the Mark Johnson trial. Reading through the appeal documents, however, indicates the stakes have been raised. The prosecution’s original case was, in my opinion, flawed when looking at how the FX market works, but the new charges take this to a new level and they throw into a harsher light the reluctance of certain trade associations to engage and educate the US authorities earlier in this case – we can only hope it is not too late.