HSBC forex trader on the trail of the front-running is not doing the industry a favor




His defense is that everyone was doing it

Mark Johnson was the former director-general of foreign exchange cash trading at HSBC, and has pleaded not guilty to the before-execution of a $ 3.5 billion trade from a client.

The case started today, and he told the jurors that his client had acted in a manner consistent with the standards of practice in the banking sector».

That does not look very good.

Here are the details:

  • Cairn Energy has sold some of Indian assets and need to convert the proceeds in pounds sterling
  • They have called on HSBC to do the trade
  • Johnson makes $ 8 million to HSBC in placing the business of the bank, and the execution of the transaction
  • Johnson was arrested during a trip to New York

Johnson himself said the command was like, «f***ing Christmas» of internal communication.

He is facing a 10-wire fraud and conspiracy.



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