Porridge on the menu? Criminal trial for 5 former Barclays FX traders to be held this week

The Serious Fraud Office continues to bring criminal trials against interbank FX traders long after the regulatory censuring concluded with fines for some of London’s largest institutions totaling several billion for FX benchmark and LIBOR (London Interbank Offered Rate) manipulation. In November 2014, authorities in the US, Britain and Switzerland issued major banks whose traders […]

Criminal trial for 5 former Barclays FX traders

The Serious Fraud Office continues to bring criminal trials against interbank FX traders long after the regulatory censuring concluded with fines for some of London’s largest institutions totaling several billion for FX benchmark and LIBOR (London Interbank Offered Rate) manipulation.

In November 2014, authorities in the US, Britain and Switzerland issued major banks whose traders manipulated FX benchmarks with a collective $4.3 billion in fines, and several class action lawsuits ensued, however Britain’s law enforcement departments have now begun to bring their criminal investigations to court.

In a very high profile case recently, former Yen derivatives trader Tom Hayes was jailed for 11 years, having his initial sentence of 14 years shortened following an appeal. Following his incarceration, he was ordered to pay $1.2 million in restitution, the gavel falling on that particular court case last week.

This week signals the arrival in court of Jonathan Mathew, Stylianos Contogoulas, Jay Merchant, Alex Pabon and Ryan Reich, who the Serious Fraud Office alleges manipulated LIBOR rates between June 2005 and September 2007.

This is the third criminal trial of this nature brought about by the Serious Fraud Office, and, as with many of these particular cases, is likely to be a long, drawn out affair.

The case will open today at Southwark Crown Court, and will be heard by Judge Anthony Leonard QC, a very prominent juror in the UK, having presided over cases involving top media entities and high profile celebrities.

Clearly, whilst Britain’s regulatory authorities continue to convene in order to attempt to keep pace with technological and cultural change in the financial sector and ensure that the legal framework adapts and modernizes quickly – not an easy task as development cycles are so rapid these days that regulators have to attempt to introduce new laws within shorter times than in analog world under which they were established, Britain’s law enforcement agencies are coming down hard on those who go against the market benchmarks.

Read this next

Retail FX

Banxso announces 8.7% interest rate on deposits in South Africa

“With Banxso, they can enjoy the benefits of both worlds – earning competitive interest and having the freedom to trade, all within the same platform.”

Industry News

FINRA to publish transaction details in U.S. Treasury securities

“Consistent with our longstanding practice, FINRA is introducing greater transparency in a calibrated and careful manner, benefiting liquidity and resilience in this critical market while also mitigating potential information leakage concerns.”

Institutional FX

OpenYield launches “cheap and easy” fixed income trading for brokers

“We’re on a mission to make bonds cheap and easy to trade, and are excited about the opportunity to build generational capital markets infrastructure.”

Digital Assets

Sumsub and Mercuryo publish a guide for VASPs: “Mastering Travel Rule Compliance”

“At Sumsub, we’ve concentrated our efforts on filling the gap in understanding the complexity of Travel Rule regulation and helping organizations find the best solution to stay safe and compliant while minimizing costs and avoiding potential risks of non-compliance. This guide we created with Mercuryo, our trusted partner, is the ultimate navigation tool all VASPs can consult.”

Digital Assets

Bitget Wallet Leads with Record Swap Volume & New Crypto Innovations

This week, Bitget Wallet achieved a milestone by surpassing Metamask with a record 388,757 Swap order transactions, securing the global lead. The significant 7-day trading volume, almost 68,000 more than its rival, underscores its liquidity and user trust. This robust activity signals Bitget Wallet’s prominent role and reliability in the dynamic crypto market.

Digital Assets

Embarking on a Digital Currency Journey

Imagine you’ve stumbled upon a treasure map, leading you to untold riches hidden in the vastness of the internet. Instead of gold coins and jewel-encrusted goblets, this treasure comes in the form of digital currencies, the modern-day loot coveted by many.

Reviews

Traders Union Experts Share The Trading Analyst Review For 2024

Navigating options trading in rapidly shifting markets poses a considerable challenge. This is where options trading alert services become invaluable. They aid traders in keeping abreast of evolving opportunities and market trends. In this assessment, Traders Union experts scrutinize The Trading Analyst alert service to ascertain its efficacy. 

Digital Assets

BlockDAG’s Presale Achieves $9.9M: Aiming For A 5000-Fold ROI As Cardano’s Price Rises And Fantom Launches Sonic

Explore Cardano’s surge, Sonic’s efficiency, and why BlockDAG’s growth makes it the top crypto choice. A deep dive into the future of blockchain investments.

Digital Assets

US, UK probe $20 billion Tether transfers tied to Russian exchange.

U.S. and UK authorities are investigating the movement of $20 billion in the USD-pegged stablecoin tether (USDT) through Moscow-based exchange Garantex.

<