FX 'Cartel' traders to surrender to US in rigging case

[WASHINGTON] Three former currency traders in Britain who are accused by US prosecutors of conspiring to manipulate markets have reached an agreement to surrender this summer to American officials and appear in federal court to face the charges.

JPMorgan Chase & Co's Richard Usher, Citigroup Inc's Rohan Ramchandani and Barclays Plc's Chris Ashton have agreed to be arraigned this summer in a Manhattan court, according to a Justice Department letter filed Monday.

The trio was charged by the US in January with conspiring to rig foreign-exchange markets, using an electronic chat room known as "The Cartel" to share information.

The indictment was the culmination of a global investigation into currency-market manipulation that saw seven banks pay about US$10 billion in fines to authorities.

A trial would be closely watched by the British finance industry after the UK Serious Fraud Office ended its own foreign-exchange investigation in March 2016, citing insufficient evidence for a "realistic" prospect of conviction.

The SFO has clashed with the Justice Department in the past over the pursuit of British bankers - most notably when the US started filing charges related to Libor manipulation - but its decision not to pursue the currency case has left the door open for the US.

The Justice Department has agreed on bail conditions for the three that will be presented in court at their arraignment. US District Judge Richard Berman ordered an arraignment on July 17.

BLOOMBERG