Jun 8, 2017

Former HSBC trader to fight extradition to US in forex case

A British former trader at HSBC is to fight extradition to the US to face charges of manipulating foreign-exchange benchmarks. Stuart Scott, 44, was arrested on Monday in the UK at the behest of US authorities, who have charged him and his former boss with forex-rigging. The Department of Justice charged Mr Scott and Mark Johnson, the bank's former head of forex cash trading, last summer. Mr Scott had remained at liberty in the UK. US authorities accuse the pair of making $8m in illicit profit from "Front-running" a $3.5bn forex deal conducted by HSBC in 2011 on behalf of Cairn Energy, a client. The allegations against the HSBC duo are separate to those being pursued by the DoJ's antitrust section against three UK-based former forex traders, known as "The Cartel", at Barclays, Citigroup and JPMorgan Chase.

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