JPMorgan Suspends Forex Trader for Alleged Disclosures Involving Royal Bank of Scotland-Related Activities.
Bloomberg is reporting that according to a source, JPMorgan Chase & Co. (JPM) has suspended currency dealer Gordon Andrew for alleged wrongdoing involving his work at Royal Bank of Scotland Group Plc. (RBS). According to The Wall Street Journal , people familiar with the matter say that the firm discovered evidence that Andrew disclosed trading data to employees of other banks. The forex trader does a lot of work converting huge amounts of euros into pounds at benchmark rates related to subsidies that the EU pays to British farmers every year.
Andrew began working for JPMorgan in October 2012 after Richard Usher, an RBS colleague, also switched to the firm. Usher was JPMorgan’s chief currency dealer in London until 2013 when he was put on leave during a global probe into foreign exchange market manipulation. He left the firm the following year. Regulators in the U. K. and the U. S. have since fined JPMorgan $1 billion related to the rigging probe. RBS was ordered to pay a $634 million fine.
Today, the WSJ reported that the probes into currency market manipulation have led to new signs of possible wrongdoing. Sources tell the newspaper that JPMorgan has even put aside another $900 million to cover investigation-related costs as well as legal bills. Meantime, broker-dealer Tullett Prebon PLC (TLPR) has started an internal review into its currency market practices. One of its brokers was allegedly referred to as a trade conduit in one chat room. That broker still works for the firm. In 2014, British fraud prosecutors charged an ex-Tullet broker with assisting other bank traders in manipulating trades.
Citigroup (C) has also suspended or let go of a number of sales members and foreign-exchange traders in the wake of the probe. UBS (UBS) is also under investigation, as is HSBC (HSBC).
The U. S. Justice Department is trying to determine whether the latter’s sales team sent out market-moving data to Moore Capital Management LLC, which is a hedge fund, about an upcoming trade related to a big corporate acquisition. The government has been looking at whether hedge fund clients were tipped by bank employees about big foreign-exchange trades that the firms were planning, as well as “spoofing, ” which involves brokers and traders turning in bogus trading information to shift the market or cause confusion.
The probes by the US and British governments are looking into possible improprieties in the forex-market. Already, banks have admitted to having employees that tried to manipulate certain areas of the currency market, with six banks settling the allegations for $4.3 billion. Aside from JPMorgan and RBS, firms that have also settled include UBS, HSBC, Citigroup, and Bank of America (BAC).
If you believe that your investment losses are because of securities fraud, contact The SSEK Partners Group today.
Beneficiaries of Puerto Rico Trust File Securities Fraud Lawsuit Seeking Over $4.5M From UBS Financial Services, Stockbroker Fraud Blog, January 5, 2015.
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Top 5 Books to Become a Forex Trader.
For many investors, the world of foreign exchange, or forex, seems daunting and thus is often overlooked or avoided. However, several books are available on the subject of currency trading, ranging from basic education on the forex market to advanced trading strategies based on fundamental analysis and technical analysis.
"Currency Trading for Dummies"
"Currency Trading for Dummies" is a good pick for traders who are just beginning to tackle the world of foreign exchange. Published in 2011, the book was written by Brian Dolan, a veteran of the forex market for more than 20 years, working as a currency trader and market analyst. Dolan was the chief currency strategist at Forex, where he oversaw fundamental and technical analysis, and is regularly used as a resource for the latest currency developments by the financial media. The book is one of the best for beginners, as it presents clear, easy-to-read instructions on the forex market.
"Day Trading the Currency Market"
Kathy Lien's "Day Trading the Currency Market" is widely popular among new and burgeoning forex traders. Her book provides a two-pronged approach, offering both theory and actionable learning, with balanced insight into fundamental and technical forex trading strategies designed to generate regular profits. Lien's book also offers extensive and specific information on every aspect of currency markets and foreign exchange trading. Lien walks readers, step-by-step, through Forex fundamentals — such as long - and short-term factors affecting currency pairs — as well as covering technical analysis trading strategies that professional forex traders utilize on a daily basis.
Lien, a world-renowned currency analyst, has decades of experience and an extensive resume. Previously working at JP Morgan Chase & Co (NYSE: JPM), Lien is BK Asset Management's managing director. She is a frequently featured guest on Bloomberg, CNBC and Reuters.
"Currency Forecasting"
Written by Merrill Lynch analyst Michael Rosenberg, "Currency Forecasting" is considered one of the groundbreaking and definitive works on forex trading. For decades, analysts and traders have turned to Rosenberg's concise, intuitive and brainy piece, which combines the macroeconomics of forex with fundamental and technical analysis. The book was first published in 1995, but it remains a helpful current guide to the currency markets. Rosenberg links international monetary dynamics to what legitimately happens in currency markets. He has long been hailed as a leader among forex analysts, and his ability to delineate clear connections between disparate finance and economic factors continues to make "Currency Forecasting" a go-to guide for traders interested in currency trading.
"Japanese Candlestick Charting Techniques"
Steve Nison's "Japanese Candlestick Charting Techniques" provides a lengthy and in-depth education on Japanese candlestick charts, a versatile technical tool that's very popular among forex traders. The book discusses how candlestick charts are used in conjunction with other technical tools to aid in improving technical market analysis. Candlestick charting is also often used for futures, speculation, hedging, equities or anywhere that technical analysis may be applied. Nison's background, comprised of years of research and study, as well as practical application and his to-the-point and easily understandable language make "Japanese Candlestick Charting Techniques" an ideal read for traders who are seeking a better understanding of forex trading strategy.
"How to Make a Living Trading Foreign Exchange"
Courtney Smith begins "How to Make a Living Trading Foreign Exchange" with an introduction to the world of forex, explaining the basics of foreign exchange trading and how it works. The largest portion of the book is devoted to trading strategies that Smith recommends for making money through forex trading, citing six ways that he touts as ideal for helping traders earn a steady income. Unique to the book is Smith's rejection rule, a strategy designed to double the profit generated from basic channel breakout systems. Smith's book also provides important risk management techniques, as well as material on the psychology of trading.
FX E-TRADING TRENDS IN 2017.
J. P. Morgan conducted an online FX E-Trading survey to provide you with a snapshot of upcoming trends. Nearly 200 institutional FX traders participated in November 2016.
Top Issues for Traders.
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Of the remaining 36%, the most common issues are detailed below.
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Planned Channel Usage in 2017.
of trading volume is predicted to be through e-trading channels in 2017.
are likely to use a mobile trading app in 2017.
THE RISE OF ALGOS.
Current time spent trading with algos.
Net % of users planning to increase algo usage in 2017.
Time Spent on E-Trading Activities.
North American traders are more likely than their EMEA and APAC counterparts to increase emerging markets and algo trading.
Current time spent by product.
NET % PLANNING TO INCREASE USAGE IN 2017.
Current time spent by market.
NET % PLANNING TO INCREASE USAGE IN 2017.
Current time spent by trading method.
NET % PLANNING TO INCREASE USAGE IN 2017.
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Average number of e-trading platforms.
Share of FX E-Trading Volume.
SINGLE DEALER PLATFORM.
36% use single dealer platforms only.
Top Reasons for Using Platform.
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FOR INSTITUTIONAL & PROFESSIONAL CLIENTS ONLY – This material has been prepared by J. P. Morgan Sales and Trading personnel and is not the product of J. P. Morgan’s Research Department. It is not a research report and is not intended as such. This material is a “solicitation” of derivatives business only as that term is used within CFTC Rule 1.71 and 23.605. This material is subject to terms at: jpmorgan/salesandtradingdisclaimer.
© 2017 JPMorgan Chase & Co. All rights reserved. J. P. Morgan is a marketing name for businesses of JPMorgan Chase & Co. and its subsidiaries and affiliates worldwide. JPMorgan Chase Bank N. A. (member of FDIC), J. P. Morgan Securities LLC (member of FINRA, NYSE and SIPC) and J. P. Morgan Securities plc (member of the London Stock Exchange and authorized by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the PRA) are principal subsidiaries of JPMorgan Chase &Co. For legal entity and regulatory disclosures, visit: jpmorgan/disclosures.
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