Top HSBC manager charged in forex probe

Court papers show the former head of cash trading for Europe, the Middle East and Africa was arrested after an extradition request from the US.

In these chatrooms, traders at the banks disclosed confidential customer order information and trading positions, changed trading positions to accommodate the interests of the collective group, and agreed on trading strategies as part of an effort by the group to manipulate different foreign exchange benchmark rates. Zuma fired me over nuclear deal, says Nhlanhla Nene. We followed the evidence available to us in our jurisdiction in respect of the Forex investigation and reached the conclusion that it was insufficient to support a realistic prospect of conviction," a spokesman said. Friday, 26 January,

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Court papers show the former head of cash trading for Europe, the Middle East and Africa was arrested after an extradition request from the US.

Cairn Energy was not immediately available to comment. Given there are ongoing proceedings it would be inappropriate to comment further at this time," Gerallt Owen, a lawyer at Withers who is representing Scott said in an emailed statement. The investigation could deal a reputational blow to HSBC in a business area in which it is particularly strong. The lender specialises in helping clients engage in cross-border deals, aided by its large global network at a time when many rival investment banks are shrinking.

Authorities in the UK said they had been working closely with counterparts across the Atlantic, although the DoJ is the first prosecutor to lay charges in the multi-year worldwide investigation into forex market-rigging. Britain's Serious Fraud Office dismissed suggestions it had missed possible wrongdoing while sifting through , documents in its wider forex investigation before closing it earlier this year.

We followed the evidence available to us in our jurisdiction in respect of the Forex investigation and reached the conclusion that it was insufficient to support a realistic prospect of conviction," a spokesman said. Britain's Financial Conduct Authority FCA said it is continuing to investigate individuals over allegations of misconduct in the foreign exchange investigation.

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AMD tumbled into a bear market on Wednesday, a day after a research report said it sees a possible end in sight to Intel's chip-making struggles. Stocks with high dividend yields are tempting, but investors need to be careful. Not only does the income from that stock decline when the dividend is slashed, but the stock price could plummet on the bad news. However, a spokesman said the bank was cooperating in the DoJ's ongoing investigation into global currency markets.

Mr Scott has denied the allegations. It is claimed that the two executives bought sterling themselves before handling the order, because they knew that such a large transaction would push up the value of the currency, and allow them to make money. The DoJ also claimed the traders timed the purchase in order to maximise its effect on the value of the British currency.

As a result it's alleged they were able to generate significant profits for the bank. They are also accused of concealing their actions from the client.

US prosecutors cited emails and conversations from Bloomberg chats that indicated the two men plotted to see how high they could raise the the dollar to pound exchange rate before the clients would 'squeal'.

When companies or individuals want to buy a substantial amount of currency- for example dollars in exchange for pounds - they typically go through a broker. A large purchase can push up the value of that currency.

Knowing this, the broker can buy dollars on their own account ahead of the deal, carries out their client's transaction, watches the value of dollars rise, and then sells their own dollars at a handsome profit.

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