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 ...
Betsy Waters is
leaving her role as head of transactional FX for the Americas at HSBC to join global financial settlement solutions
provider, Ripple, as US sales director. She starts at Ripple on September 6.
At HSBC, Waters
focused on cross ...
Clearing house LCH says its ForexClear service has seen 10 entities turn to actively clearing FX non-deliverable forwards in the past six months and that it has experienced a “significant” rise in cleared notional and trade count in 2016, with over $220 billion in notional cleared to date in September 2016.
As of 23 September, the firm says over $1 trillion in notional has been cleared in 2016.
“The uncleared margin rules that are coming into force across the world have been a catalyst for driving eligible and appropriate derivatives trades towards central clearing,” says Daniel Maguire, LCH’s global head of rates and FX derivatives.
The US Federal Reserve has moved to ban Mark Johnson, global head of spot FX trading at HSBC, and Stuart Scott, the bank’s former head spot trader for EMEA.
According to court documents, the Fed argues that both mens’ continued service or participation in the conduct of the affairs of any relevant depository institution posed, poses, or may pose a threat to the interests of depositors of such institution, or threatened, threatens, or may threaten to impair public confidence in such institution.
Nearly a quarter of global businesses are now using the renminbi (RMB) to trade with China, yet only two in five firms are aware of the trade initiatives being put in place by the Chinese government to facilitate cross-border trading, a HSBC Commercial Banking survey shows.
Of the 1,600 decision-makers polled, 24% of companies that are trading with China say they now do so using the renminbi, up from 17% last year.
But just 41% said they were aware of the government’s flagship Belt and Road initiatives, intended to generate USD2.5 trillion of cross-border commerce annually through policy and infrastructure developments, including plans to boost trading connectivity.
Two UK-based FX traders have been charged with wire fraud by the US Department of Justice, one of which has been arrested in New York. Galen Stops reports on the case.
On July 19, Mark Johnson, the head of global FX cash trading at HSBC, was arrested at New York’s JFK airport in connection with an ongoing investigation by the US Department of Justice (DoJ) into currency rigging.
Two days later, the DoJ officially brought charges against Johnson and Stuart Scott, former head of FX cash trading for EMEA at HSBC, for wire fraud.
The US is to file for the extradition of HSBC’s former senior FX trader Stuart Scott from the UK to face charges under its broad wire fraud laws.
According to a report first published by Reuters the US Department of Justice has filed a letter in a in Federal court in New York, stating the US’ intention to initiate formal proceedings to seek Scott's extradition after learning he did not wish to come to the United States voluntarily to face the charges.