US Department of Justice Offers UK Junior Traders Immunity in FX Probe

July 14, 2014 Share Print 0

Prosecutors from the U.S. Department of Justice are offering immunity deals to junior traders in London as they continue to investigate the alleged rigging of foreign exchange rates by banks and senior traders, the Financial Times reported, citing sources.

Justice Department staff have flown to Britain in recent weeks to interview foreign exchange traders and offer them partial immunity, or “proffer agreements”, in exchange for information about superiors, the FT said, citing people familiar with the situation.

The deals allow individuals to give authorities information about crimes with some assurances that they will be protected against prosecution, as long as they do not lie.

A senior lawyer said the DOJ probe was “well-advanced”, the FT reported. However, it quoted another lawyer saying that most of the traders the DOJ had approached had so far declined the immunity deals.

The DOJ did not immediately respond to calls seeking comment outside of regular business hours.

via Reuters

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Alfonso Esparza

Senior Currency Analyst at Market Pulse

Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.