Tag: FX probe

FX probe

Heads Will Roll: First Individual Pleads Guilty to FX Manipulation

Jason Katz, who formerly worked as an FX dealer at Standard Bank, Barclays, BNP Paribas and ANZ, has become the first individual to plead guilty to participating in a price-fixing conspiracy in the FX market, the US Department of Justice (DoJ) announced today.

According to the relevant court documents, Katz was a dealer of Central and Eastern European, Middle Eastern and African (CEEMEA) currencies on the New York FX desks of three successive financial institutions, and from approximately January 2007 until July 2013, he conspired with FX dealers at competing institutions to “suppress and eliminate competition” by fixing prices in CEEMEA currencies, in violation of US law, according to the DoJ.

Barclays ‘Cartel’ Trader Blames Bank

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 […]

US Fed Bans Former FX Trader From Banking

The US Federal Reserve Board has banned former Barclays and UBS FX trader, Matthew Gardiner, from working in the banking industry for his manipulation of FX pricing benchmarks. The board says that from January 2008 until at least January 2013 that Gardiner “routinely engaged in unsafe and unsound conduct” that included disclosing confidential customer information […]