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Regulation

Reports: HSBC Executive Arrested in Currency Investigation A senior HSBC executive has been arrested in New York in connection to the US Justice Department’s FX rigging investigation, according to various news outlets. These reports are naming the person arrested as Mark Johnson, global head of FX ...
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 “...
Shift to Reformed Euribor Expected in H1 2017, FSB Says Implementation of a reformed Euro Interbank Offered Rate (Euribor) is expected to happen in the first half of 2017, according to the Financial Stability Board (FSB). The FSB – which groups G20 financial authorities - has published an update on the process ...
Spoofer Gets Three Years Convicted spoofer Michael Coscia has been sentenced to three years in jail by a US court – the first incarceration of its kind in the US. Coscia, head of proprietary trading firm Panther Energy, was convicted last year after he and ...
Former Barclays FX Trader's Hearing Begins Preliminary hearings of former Barclays FX trader Chris Ashton’s unfair dismissal and whistleblowing claim against the bank started on Tuesday at the East London employment tribunal. Judges at the tribunal said they will decide by Wednesday whether to take ...
LMAX Exchange Survey Doubts Impact of Global Code: Firm Calls for UK Leadership In a release to accompany a new survey taken by the firm, LMAX Exchange casts doubt on the ability of the FX Global Code of Conduct to deliver industry reform in a timely fashion. While noting that the first release ...
China Imposes FX Reserve Requirement on Foreign Banks China has moved to limit speculation against the yuan by imposing reserve requirements on foreign banks trading in the forward FX market. In a note published on its website, the China Foreign Exchange Trading System (CFETS) says it is introducing ...
Three Former Barclays Traders Found Guilty Over Libor Three former Barclays traders have been found guilty by a London court of conspiring to manipulate the London Interbank Offered Rate (Libor) benchmark interest rate. According to a statement from the UK Serious Fraud Office (SFO) Monday, trader Jay Merchant, ...
NFA Creates Dedicated FX Compliance Rule The US National Futures Association (NFA) has adopted a new compliance rule (2-36) to govern foreign exchange transactions. NFA says that it has done so because, “Given the differences between off-exchange transactions and traditional exchange-traded futures and options, the board ...
Barclays FX Trader Heads to Employment Tribunal Former Barclays FX trader Chris Ashton is to appear at a hearing at the East London employment tribunal on July 13 against the bank, which he is suing for unfair dismissal, confirms his lawyer Sara George. Ashton is suing Barclays for ...