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 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. […]
Two former Deutsche Bank interest rate traders have been found guilty by a New York jury of a scheme to manipulate the London Interbank Offered Rate (Libor) benchmark fix.
The two men, New York-based Matthew Connolly and London-based Gavin Campbell Black remain on bail pending post-trial motions likely to be complete in the first quarter of 2019. Connolly was found guilty on three of six counts, while Black was found guilty of two counts. Lawyers for both men have publicly stated their intention to appeal.
A few of you have been in touch to say you couldn’t make the Insights call on Tuesday but were still keen to hear my thoughts on Mark Johnson being handed down a two year jail sentence. As flattering as it is to have people want my opinion on it, I really only want to go into brief details because firstly there are things better left said on an informal, off-the-record call, and secondly, you should have been on the call!