'Pre-Hedging' Is Standard Practice, HSBC Forex Jury Hears

By William Gorta (October 10, 2017, 9:43 PM EDT) -- The former head of foreign exchange trading for Deutsche Bank told the New York federal jury weighing the criminal case against an ex-HSBC executive Tuesday that "pre-hedging," or making some of a large currency purchase in advance, is a standard practice that can be beneficial to the buyer because it keeps the price down.

Kevin Rodgers, who retired from Deutsche 2014, testified as an expert witness on behalf of defendant Mark Johnson, a former HSBC foreign exchange executive.

Prosecutors say Johnson, 51, and former HSBC forex trader Stuart Scott, 45, both U.K. nationals, and others at the bank traded on inside...

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