Market Manipulation Probe Continues: JP Morgan FX Trader Placed Under Spotlight
Tuesday,15/10/2013|14:57GMTby
Andrew Saks McLeod
JP Morgan spot FX trader Richard Usher has today been named as one of the subjects of the FCA's investigation into manipulation of benchmarks, which is being conducted in conjunction with the FBI.
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)) 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 FCAβs 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 market, which with the involvement of the FBI could indeed become a criminal rather than civil or regulatory matter.
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)) 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 FCAβs 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 market, which with the involvement of the FBI could indeed become a criminal rather than civil or regulatory matter.
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