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Screenshot of a breaking news alert e-mail from Q2 2017
Reuters is reporting that HSBC has fired two London-based currency traders, including Serge Sarramegna, who had been the bank’s UK head of G10 foreign exchange cash trading, a source familiar with the matter said on Tuesday. The other dealer is Edward Pinto, who traded Scandinavian currencies.
Both were suspended in January, along with several other traders at many of the world’s biggest banks as the global investigation into allegations of collusion and manipulation in the FX market gathered steam.
It is unclear whether the two departures from HSBC are related to this probe. Neither Sarramegna or Pinto could be immediately reached for comment. Earlier today it was also reported that JP Morgan chief FX trader in London Richard Usher officially left the bank.
As a settlement nears on the FX probes, it is clear banks are doing what they need to do for a fresh start, reshuffling the deck is a good place to begin anew, especially as new protocols to prevent manipulation in the market start to come on-board.