A second New York-based FX trader has pleaded guilty to colluding to manipulate markets.
Chris Cummins, a former emerging markets trader for Citi in New York, pleaded guilty to misconduct between approximately January 2007 and July 2013, according to the US Department of Justice. Earlier this month, Jason Katz, a former EM trader at a number of banks accepted guilt over the same charges.
Last week the DoJ also indicted three members of the Cartel chatroom on similar charges and is expected to commence extradition proceedings soon as it ramps up its efforts to bring individuals to justice over the FX manipulation scandal.
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.
The defence team conducting former HSBC FX trading head Mark Johnson’s appeal against his conviction in late 2017 have filed their appeal brief to the US Court of Appeal, in which they argue that the US Government’s brief offers, “…the latest flavour of the prosecution’s many ever-shifting, imprecise, and contradictory attempts to explain just what, exactly, the crime here was, and it exposes why there was none.” It highlights a series of new arguments put forward by the Government that were not heard by the jury, as well as a series of back tracks by the prosecution side.