Tag: Manipulation

Manipulation

Former HSBC Flow Rates Head Charged by CFTC

The US Commodity Futures Trading Commission (CFTC) has filed civil enforcement action in the US District Court for the Southern District of New York against Christophe Rivoire, former global head of flow rates at HSBC in New York, charging him with engaging in a deceptive scheme to manipulate the pricing of an interest rate swap between […]

JPM FX Trader Guilty in Price Fixing Case

Former JP Morgan FX trader Akshay Aiyer has been found guilty by a New York jury of price fixing relating to his activities in various Bloomberg chatrooms in which he colluded with other traders to manipulate markets, prices and spreads to clients, according to a report by Law360. The jury convicted Aiyer after a short […]

UK Shuts Down Libor Investigation

In something of a surprise move the UK’s Serious Fraud Office (SFO) has announced the closure of its investigation into Libor manipulation, which has been going on since 2012. The SFO says in a statement, “Following a thorough investigation and a detailed review of the available evidence, there will be no further charges brought in […]

RBC, TD in the FX Regulatory Firing Line

The Ontario Securities Commission is to hold a hearing at which it will be decided whether to accept settlement offers from the Royal Bank of Canada and TD Bank over the banks’ alleged insufficient controls over and failure to adequately supervise their FX businesses. The hearing will be heard tomorrow (August 30) in Toronto and […]

And Another Thing…

In what can only be described as a plea for sanity, this very brief column has only one message – get over it people! In an absolute shocker (yes, that is sarcasm), a group of banks are being sued in the UK over FX manipulation and the use of chat rooms. This seems to have […]

Trader Walks Free in Euribor Trial

Former Deutsche Bank trader and managing director Andreas Hauschild has been acquitted of conspiracy to defraud at London’s Southwark Crown Court over the rigging of the Euro Interbank Offered Rate (Euribor) after being found not guilty of manipulating the benchmark rate during global financial crisis. The case was brought by the UK”s Serious Fraud Office […]

EU Fines Five Banks for FX Manipulation

The European Union has formally fined five banks a total of EUR 1.07 billion for taking part in what the EU terms two “cartels” in the spot FX market, involving trades in 11 currencies. Two settlement decisions have been announced, the first involves a group called the “Three Way Banana Split” which sees a total […]

And Finally…

So we brace ourselves, as an industry, for more bad headlines about conduct in the FX markets, however in contrast to previous instances, the industry should be ready on this occasion. The culmination of the European Union’s clearly exhaustive and complicated investigation into events that first came to light six years ago is upon us […]

Former Barclays Trader Guilty of Euribor Manipulation

A jury at a London court has found former Barclays interest rate trader Carlo Palombo, guilty of manipulating the Euribor benchmark interbank lending rate, however it found a fellow former Barclays trader not guilty and is still considering its verdict in a third related case.
The UK’s Serious Fraud Office (SFO) brought the case, alleging that Palombo, Sisse Bohart, who was acquitted, and Colin Bermingham, who is awaiting a verdict, colluded with former Deutsche Bank counterparts Christian Bittar and Phillipe Moryoussef to fix the benchmark rate set. The methodology alleged by the SFO was very familiar to anyone following these cases – the dealers allegedly pressured fellow workers who were charged with submitting the bank’s reference rate, to alter to suit the accused’s books.
Bittar and Moryoussef were convicted last year on the same charges, the latter was given an eight-year jail sentence, which Bittar, who pleaded guilty, was sentenced to five years’ imprisonment.