As federal prosecutors in Manhattan press ahead with the trial of three London-based currency traders - members of the infamous "FX Cartel" who allegedly colluded to move exchange rates in their favor during the brief moments before the daily fix - more amusing details from the cartel's group chat where most of the alleged collusion took place have started to emerge.
In one anecdote that helps explain the genesis of the cartel conspiracy, two of the three traders, former JPMorgan Chase & Co. trader Richard Usher and ex-Citigroup Inc. trader Rohan Ramchandani, share how they used to "end" each other on opposing trades before they finally "got together."
As he has done for the duration of the trial, government star witness Matt Gardiner, a former colleague who agreed to plead guilty to avoid prosecution, explained the text messages to the jury.
Read more: https://www.zerohedge.com/news/2018-10- ... each-other
