In this Profit & Loss exclusive, Rohan Ramchandani, who was recently acquitted of FX market manipulation by a jury in New York, breaks his silence on the case and gives his perspective on why he believes the prosecution’s arguments were fundamentally flawed.Cast your mind back to 2008. Lehman Brothers collapsed, the financial crisis ensued, causing a global recession, which in turn led to unemployment climbing and house prices falling. People lost their homes. There was public outrage at what happened, aimed primarily at global “bankers” though few understood exactly what role individuals had played. Nonetheless, in the following months, one question in particular recurred in the press, namely “who is being held accountable?” This was to prove the start of a multi-year “anti-banker” campaign provoking regulators and prosecutors to go hunting for blood.
Moscow Exchange (Moex) is now offering instruments to trade at the Moex FX USD/RUB and EUR/RUB fixing prices with clearing and settlement via its clearinghouse, NCC Clearing Bank.
The new offering aims to provide Russian and international banks with a hedge against the currency risk of OTC trading in rouble NDF with the net return calculated at maturity as the difference between the forward rate and the Moex fixing rate.
The fixing instruments, USDRUB_FIX0 and EURRUB_FIX0, are traded from 10:00-12:15 MSK on days when the Moex USD/RUB FX Fixing and Moex EUR/RUB FX Fixing (?+0) are computed.
Malaysia’s central bank, Bank Negara, has continued its offensive against what it believes to be market misconduct, saying it has initiated enforcement actions against an un-named local bank relating to dealers’ misconduct involving the fixing of the USD/MYR exchange rate.
Bank Negara says, “The finding indicates that there were communications with traders from other foreign financial institutions which included inappropriate references to the fixing rate submission process. In this regard, the Bank has commenced the due process as stipulated under the Financial Services Act.”
The US Commodity Futures Trading Commission (CFTC) has closed its investigation into Deutsche Bank’s FX business, the bank revealed in its Q3 results today.
In May 2015, a number of major banks were fined more than $5.8 billion for practices relating to alleged collusion and manipulation of the spot FX market around the 4pm London Fix, by a number of regulatory authorities, including the CFTC.
Deutsche was not one of the firms named in those settlements, but remained under investigation by the CFTC for its FX market practices.
The US Federal Reserve Board has announced that it will seek a $1.2 million fine and a permanent ban on employment in the banking industry for Chris Ashton, a former FX trader at Barclays.
Former Barclays head of spot voice FX trading Chris Ashton claims he was “scapegoated” by the firm in the wake of the investigations of the Financial Conduct Authority (FCA) into alleged manipulation of FX rates, and that he was first “put in the line of fire” and then sacked for repeatedly blowing the whistle, an […]
Chris Ashton’s claim of whistleblowing against Barclays, where he was formerly head of spot FX voice trading, is “absurd”, according to Justin Bull, the bank’s former global chief operating officer. Bull – who co-chaired Ashton’s disciplinary hearing – appeared to testify at the East London employment tribunal Wednesday in the course of the second hearing […]
Preliminary hearings of former Barclays FX trader Chris Ashton’s unfair dismissal and whistleblowing claim against the bank started on Tuesday at the East London employment tribunal. Judges at the tribunal said they will decide by Wednesday whether to take into account in their ruling a written statement made by a former Barclays employee and presented […]
Former Barclays FX trader Chris Ashton is to appear at a hearing at the East London employment tribunal on July 13 against the bank, which he is suing for unfair dismissal, confirms his lawyer Sara George. Ashton is suing Barclays for unfair dismissal after he was suspended on allegations of foreign exchange manipulation. Contacted by […]