FX Boss Denies Suspecting HSBC Traders Of Front-Running

Law360, London (June 17, 2021, 5:41 PM BST) -- The owner of currency investment firm ECU Group testified on Thursday that he did not suspect HSBC foreign exchange traders were misusing confidential information to trade ahead of client orders at the time, as the bank pushes to escape the suit.

Giving evidence at the High Court trial, in which HSBC Bank PLC is accused of illegally "front-running" its clients' currency trades between 2004 and 2006, Michael Petley said there was "no question" from his perspective of the bank trading ahead of ECU's orders.

Petley said that he had concerns that ECU's so-called stop-loss orders — which directed the bank to...

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