Second FX Trader Pleads Guilty to CEEMEA Currencies Probe

[kreslik.news]

The Department of Justice has obtained its second plea agreement from a former forex trader in its ongoing probe of conspiring to fix prices in the foreign currency exchange market.

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Christopher Cummins, who was a trader at FX desks of three financial institutions in New York, was found to have supressed competition by fixing prices in Central and Eastern European, Middle Eastern and African (CEEMEA) currencies.

Prosecutors said that from January 2007 until July 2013, Mr. Cummins conspired with traders at other firms to fix ... (read more)