‘So FX is now illegal’

Mark Johnson's guilty verdict and the decision to extradite Stuart Scott raises personal risks for FX market participants

Shock result: FX market participants reacted with astonishment to the verdict

The guilty verdict returned by the jury at the Eastern District Court of New York in the case of former HSBC global head of FX trading Mark Johnson, and the subsequent decision to extradite co-defendant Stuart Scott, has sparked fear and unease in the foreign exchange trading community.

Following the guilty verdict on one count of conspiracy and eight counts of wire fraud against Johnson on October 23, there was “generalised astonishment” among currency trading veterans, with one remarking: “So

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