The US Department of Justice charges another big bank forex trader
A former Barclays head of forex trading in New york is the latest person to be charged of forex manipulation. Robert Bogucki is said to have manipulated forex options to front run a big order from Hewlett-Packard in 2011. He apparently received information relating to a takeover of a UK firm HP was lining up. Bogucki is said to have front run some of the £6bn in options that HP taksed Barclays to deal for them in relation to the takeover deal. It’s said he’s not the only person involved so more may follow.
This is yet another in a line of scandals for banks as back in October, ex-HSBC trader Mark Johnson was convicted in the US of front running a $3.5bn M&A deal. HSBC was fined $175m over failing to oversee their traders.