US to charge three forex traders in fix-rigging investigation

Author: Adam Button | Category: News

Reports that three traders are to be charged today

The charges are coming down today for three traders who were part of 'The Cartel' chatroom and used their knowledge to push markets at the London fix.

Richard Usher, who was at JPMorgan previously, Rohan Ramchandani, formerly of Citigroup, and Chris Ashton, who worked for Barclays, are expected to face criminal charges today.

Earlier this month former Barclays trader Jason Katz pled guilty to rigging the FX market in the first individual conviction. He worked with Ashton and agreed to cooperate as part of his plea. A day later, a combined $2.5 billion in penalties were levied to Citigroup, Barclays, JPMorgan and RBS.

Separately, in July, HSBC former head of global foreign exchange Mark Johnson was arrested in New York.