Tag: FX market manipulation

FX market manipulation

South Africa Adds Names to FX Charge Roster; Releases Transcripts

South Africa’s Competition Tribunal has added five names to the list of institutions it is charging with manipulation in rand (ZAR) markets. The country’s Competition Commission has brought the charges, which were first announced in February 2017 and in turn led to one of those charged – Citi – settling with the Commission by agreeing to pay a ZAR 69.5 million fine.
The five additional names released by the Tribunal are, in reality, just an extension of the existing charges to bring in subsidiaries for the five are HSBC USA, Merrill Lynch Pierce Fenner and Smith, Bank of America N.A., Investec Bank Limited, and Credit Suisse Securities (USA).

BNP Pleads Guilty to US FX Charge

BNP Paribas USA has pleaded guilty to participating in a price-fixing conspiracy in the FX market, the US Justice Department (DoJ) has announced.
According to the one-count information filed last week in the US District Court for the Southern District of New York, between September 2011 and July 2013, BNP conspired to suppress and eliminate competition by fixing prices in Central and Eastern European, Middle Eastern and African (CEEMEA) currencies, in violation of the Sherman Act, 15 U.S.C. § 1.

Cartel Members Indicted in US

The US Department of Justice has announced that a Federal grand jury has returned an indictment against three members of the infamous Cartel chat room that allegedly conspired to manipulate FX markets.
The one-count indictment, filed in the US District Court for the Southern District of New York, charges former RBS trader Richard Usher, ex-Citi head of spot FX Rohan Ramchandani and former Barclays trader Christ Ashton with conspiring to fix prices and rig bids for US dollars and euros exchanged in the FX spot market.

Judge Formalises FX Fines for Banks

A US District Court judge has ratified fines against five major banks following their guilty pleas last year over currency market manipulation charges.
US District Judge Stefan Underhill in Bridgeport Connecticut agreed fines for Citi of $925 billion, Barclays $650 million, JP Morgan $550 million, Royal Bank of Scotland $395 million and UBS $203 million after the banks pleaded guilty to FX market abuse in mid-2015. The fines were recommended by the US government and accepted by Judge Underhill last week.