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Top HSBC executive pleads not guilty to rigging forex markets

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Johnson (right) with his lawyer Frank Wohl after a hearing at the US Federal Court in New York on Monday. Johnson is accused of manipulating the British pound in a front-running scheme to take advantage of inside information about a client's US$3.5 billion currency transaction, reaping US$8 million for HSBC.

New York

AN HSBC Holdings plc executive pleaded not guilty on Monday to rigging foreign-exchange (forex) markets in the first US case of its kind.

Mark Johnson, HSBC's global head of forex cash trading in London, was arrested in July at New York's Kennedy airport as he was about to