- What headlines missed about ‘Cartel’ traders’ trial one year ago
- Myth 1—Foreign exchange traders are horizontal competitors, not vertical buyers and sellers
- Myth 2—The British traders’ chats substantially affected US commerce
- Myth 3—As market makers, the ‘cartel’ traders had a large share of the overall market
- Myth 4—The traders knew how to affect foreign exchange rates at the fixes
- Myth 5—The traders thought they were coordinating their trading
- Myth 6—The Usher case was somehow a fraud case
- The jury verdict
Law 360, New York: One year ago, a Manhattan federal jury acquitted three British foreign exchange traders of antitrust violations—including, Richard Usher, a former JP Morgan Chase & Co forex trader based in London—for their participation in an online chatroom known, by outsiders, as ‘the cartel’.
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