Fraud
Banks reportedly preparing to settle EU FX probe
Barclays, Citigroup, HSBC, JP Morgan, RBS, UBS and two other institutions set to pay out billions of euros, according to Financial Times
‘So FX is now illegal’
Mark Johnson's guilty verdict and the decision to extradite Stuart Scott raises personal risks for FX market participants
ECU and HSBC clash over data
ECU wants the bank to hand over data relating to three stop-loss orders, executed in 2006, in a pre-action disclosure application
Guilty verdict returned in Johnson case
Jury finds Mark Johnson guilty of conspiracy and eight counts of wire fraud
'End this nightmare,' says Johnson's defence
In his closing arguments, defence attorney John Wing tells jurors the prosecution failed to show evidence to support their claims
Prosecutor alleges ‘bonanza of lies’ in closing argument
Prosecuting attorney says Mark Johnson used his superior knowledge to take advantage of Cairn Energy
Johnson under cross-examination
Prosecution attorneys argue HSBC went beyond its executing bank role when it advised Cairn on order execution
‘Gus thinks we’re buying 6.5bn’ – Johnson trial
Mark Johnson’s trial reveals how HSBC faced significant difficulties with the Cairn order as other banks knew of the deal and tried to benefit from the information
Judge allows Rodgers’ ‘Russian name’ analysis into case
Judge does about-turn and allows Rodgers – whose $1,100 hourly fee riles prosecution – to enter his findings in court
Johnson’s defence to present case on Tuesday
Rodgers expected to take stand during course of the week
Cahill in hot seat over FCA statements
Former HSBC trader admits he would have given a different answer to the FCA if the question had been more specific
Cairn treasurer denies knowing HSBC would pre-hedge order
Yet neither the corporate nor its adviser instructed the bank how to deal with the $3.5 billion order
Fed fines HSBC $175m for unsafe FX practices
Bank ordered to improve practices
Pre-hedging debate at centre of Johnson trial
For some, pre-hedging is common practice; for others, it is synonymous with front-running – a jury will need to decide
Johnson trial to resume on Monday
Judge falls ill, trial to continue on Monday; on Wednesday, Dipak Khot, testifying for the prosecution, underwent six hours of questioning
Prosecution witness Khot says he had concerns about Cairn order
Dipak Khot asked Johnson and his team to return some money to Cairn after seeing unexpected volatility
Johnson’s lawyer brands trial a ‘governmental mistake’
On the tense first day of Mark Johnson’s trial, the prosecution claims he saw dollar signs
Plea bargain may be an option for the HSBC two
But the maximum prison sentence for Johnson and Scott, if they are found guilty, could be 30 years
Clutch Group appoints new senior director
Claire Wynne-Jones joins the legal firm after 11 years at SFO
Rise in fraud prompts system upgrades for retail brokers
Brokers with weak anti-fraud protection in place risk a detrimental impact on the rest of the industry, participants warn
US National Futures Association adopts recommendations from an independent analysis of NFA's Peregrine Financial Group audits
Futures industry regulator to roll out new procedures to tighten scrutiny of futures brokers following report
US CFTC fines Chicago-based RJ O'Brien & Associates $300,000 for supervision failures
Futures broker pulled up for failing to uncover fraudulent activities of introducing broker, marking the extension of accountability
NFA bans FX broker
Industry body continues to clean up US retail FX market