Serious Fraud Office

Arrested HSBC FX Trader Had Been Cleared In Bank's Own Internal Probe

One day after news hit that a prominent HSBC FX trader was arrested, we find that the bank conducted its own investigation three years ago into a $3.5bn currency trade that US prosecutors now believe was criminally fraudulent and found nothing wrong with the transaction. The HSBC review was led by an external lawyer and found no breach of its code of conduct.

Ex-Barclays Traders Jailed For Over 6 Years Over Libor-Rigging

Just days after Hillary Clinton is found to have negligently broken laws but faced no charges, four former Barclays bankers appear to have been scapegoated over their libor-rigging. 45-year-old Jay Merchant was the hardest hit - sentenced to 6 1/2 Years in prison.

Frontrunning: July 7

  • Global stocks and sterling bounce after Brexit bashing (Reuters)
  • FBI director to face Republican fire over Clinton email probe (Reuters)
  • UK's Hammond says Article 50 a decision for government, not parliament (Reuters)
  • GOP Puts Pressure on Clinton, FBI After Lynch Closes Email Probe (WSJ)
  • Gold’s Most Accurate Forecaster Says Prices May Go to $1,425 (BBG)
  • Central Banks Put Squeeze on Sovereign-Debt Market (WSJ)

Three Former Barclays Traders Convicted Of LIBOR Manipulation

The first bank to admit that it engaged in massive manipulation of the LIBOR rate was Barclays back in 2012, and traders are still being scapegoated tried in court to this day. As Bloomberg reports, five traders learned their fate recently, nearly four years since the bank admitted to the charge. Three traders were convicted, while the jury was unable to reach a verdict on the final two.

Frontrunning: May 20

  • Lacking new ideas, G7 to agree on 'go-your-own-way' approach (Reuters)
  • Japan's Aso tells G7 FX stability vital, no competitive devaluations (Reuters)
  • Snubbed by West, Russia rolls out red carpet for Asian leaders (Reuters)
  • The Fed Has Something to Prove to Wall Street (BBG)
  • Trump's Supreme Court list: all conservative, some provocative (Reuters)
  • Nasdaq Raises Lawsuit Threat Over SEC’s IEX Speed-Bump Plan (WSJ)

Frontrunning: May 12

  • Trump’s Early Backers on Capitol Hill See Their Profile Raised (WSJ)
  • Oil prices rise toward six-month high, tightening supply (Reuters)
  • EIA says outlook for oil brightens as output disruptions erode surplus (Reuters)
  • Investors Fleeing $9 Trillion of Negative Yields Fuel Bond Binge (BBG)
  • Beaten-Up Hedge Fund Billionaires Reminisce About 'Golden Age' (BBG)

Police Raid Offices Of Monaco Firm Accused Of Bribing World's Oil Producers

Two days ago we brought you excerpts from a Huffington Post investigative report on Unaoil, a previously obscure Monaco company that allegedly functions as a kind of Bribery Incorporated for state actors looking to curry favor with the world’s oil exporters. On Friday, acting on a request from the UK's Serious Fraud Office, police in Monaco raided Unaoil's offices along with the homes of the family at the heart of the controversy.

Frontrunning: March 16

  • Trump knocks Rubio out of race, Republicans in turmoil (Reuters)
  • Fed to Signal Worst Is Over, Hikes Coming: Decision-Day Guide (BBG)
  • Four Economists See a Surprise from the Fed This Week (BBG)
  • Global Stocks Muted Ahead of Fed Announcement (WSJ)
  • Stop-Trump Groups Make One Last Bet on Rubio, and Lose (BBG)
  • China's Li Seeks 'Win-Win' for Growth-Reform Plan Analysts Doubt (BBG)

Frontrunning: February 5

  • January Jobs Report Closely Watched for Momentum, Wages (WSJ)
  • Oil prices steady, weak fundamentals weigh after volatile week (Reuters)
  • How Much Global Oil Output Halted Due to Low Prices? Just 0.1% (BBG)
  • Congress Tweet 'Unfortunate,' Lawyer Says as Shkreli Goes Online (BBG)
  • Syrians Flee Aleppo to Escape Damascus Offensive Against Rebels (WSJ)
  • Dollar Set for Biggest Weekly Loss Since 2009 Before Jobs Data (BBG)

Frontrunning: January 29

  • World shares heat up as Bank of Japan goes sub-zero (Reuters)
  • Stocks Rally With Bonds as BOJ Ends Grim January on High Note (BBG)
  • Japan Follows Europe Into Negative Interest Rate Territory (WSJ)
  • Decision On Oil Cut Only Possible If All Exporters Agree, Russian Energy Minister Says (BBG)
  • Trump overshadows Republican debate even as he sits it out (Reuters)
  • Trump skips debate, wins on social media (Reuters)

Frontrunning: January 28

  • Unease over Fed rate path dents European stocks (Reuters)
  • Global Stocks Pressured After Fed Statement (WSJ)
  • Japan's Economy Minister Amari to Resign Over Graft Scandal (BBG)
  • Authorities working to clear remaining protesters in Oregon occupation (Reuters)
  • China Sharpens Efforts to Halt Money Outflow (WSJ)
  • Eurozone January Economic Sentiment Falls Sharply, Hits 5-Mth Low (MNI)

Frontrunning: December 3

  • Mario Draghi Is About to Become the World's Market Risk Manager (BBG)
  • Five Things to Ask Mario Draghi From Negative Rates to QE (BBG)
  • Leaving behind baby and bombs, couple sows panic in California (Reuters)
  • Couple's motive in California rampage a mystery for police, family (Reuters)
  • In Grim Ritual, Barack Obama Again Calls for Stricter Gun Control After Mass Shooting (WSJ)
  • Islamic State Defeat Impossible Without Ground Force, Kerry Says (BBG)
  • OPEC States Push for Output Cuts in Face of Saudi Opposition (BBG)