The US authorities say their intentions to prosecute those connected with the markets rigging processes are stronger than ever. The intentions will be seen after there are results of the senior HSBC foreign exchange division manager Mark Johnson. Yesterday, he came to court in New York, pleading not guilty as the answer to accusations that he was involved in the front-rum process for the bank’s customer, which included a $3.5 billion currency deal.
According to Mr Johnson’s lawyer, he isn’t guilty, and that’s why he pleaded so.
The British HSBC executive is considered the main person who’s in charge for cash trading, and before he was arrested, he was heading the whole department of foreign exchange business of the bank.
One more person charged by the US is Stuart Scott, the former head of foreign exchange cash trading for Europe. However, he is yet to be extradited by the authorities, so we don’t know anything.
The approach in America contrasts with that of the UK, where the Serious Fraud Office said in March that it had closed its investigation into foreign exchange rigging because it believed that there was no reasonable chance of bringing successful convictions.