Market Manipulation Probe Continues: JP Morgan FX Trader Placed Under Spotlight

Following the commitment made by the Federal Bureau of Investigation (FBI) to assist with the ongoing probe into FX market manipulation by large financial institutions, one potential currency trader has today been named as one of the subjects of the investigation.

British financial markets regulator, the Financial Conduct Authority (FCA) Financial Conduct Authority (FCA) The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol Read this Term) is believed to have placed JP Morgan FX trader Richard Usher under investigation, according to a report by City AM earlier today.

Mr. Usher heads the spot FX trading desk at JP Morgan, where he has been employed since 2010.

According to a report by the Wall Street Journal, Mr. Usher and other traders refer to themselves collectively as The Bandits Club and The Cartel, and had written a series of emails and messages to traders who are at the center of the FCA’s investigations into the manipulation of benchmarks.

Since the messages were conveyed to the authorities, the US Department of Justice has also launched a probe into the foreign Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term market, which with the involvement of the FBI could indeed become a criminal rather than civil or regulatory matter.