Fides Weekly Update – 19th January 2018

Hello and welcome back to the Fides Weekly Update. Here are the key news stories of the week in your industry. As always, scroll down to find our regular feature of the Movers & Shakers of the week

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This week:

1. US feds charge another trader for FX manipulation 

On Tuesday this week, Barclay’s former head of New York Foreign Exchange trading was charged for illegal practice known as “front-running”, in relation to HP’s takeover of Autonomy.

Ex-Barclays head Robert Bogucki is indicted of six counts of wire fraud, and one count of conspiracy. Along with the help of two unnamed individuals, Bogucki is accused of using his knowledge of options orders purchased by HP, in preparation for the company’s takeover of software company Autonomy in 2011.

Commonly termed “front-running”, he is claimed to have misused this information by having trades executed ahead of purchasing HP’s options, in order to profit the bank at HP’s expense.

Bogucki is the third Barclays trader to be involved in a forex scandal, and the latest in a string of criminal charges filed by the DoJ following a crackdown by the US prosecutors. Here is a list of charges made in 2017:

  • Mark Johnson, former global head of forex cash trading at HSBC, faced allegations in September 2017 of front-running a $3.5bn currency deal by Cairn Energy. It emerged today that HSBC has agreed to pay $101.5m in settlement payments while Johnson awaits sentencing.
  • Christopher Cummins, a foreign exchange dealer for Citigroup, pleaded guilty in January 2017 to conspiring to rig currency rates from 2007 to 2013.
  • Cummins’ plea deal came a week after ex-Barclays trader Jason Katz became the first person in a global investigation to admit to manipulating FX prices.
  • Additionally in January 2017, three British-based currency traders were charged by US prosecutors for allegedly manipulating the price of US dollars and euros. Richard Usher, Rohan Ramchandani and Chris Ashton, who each worked at JP Morgan, Citigroup and Barclays respectively, used electronic chat rooms, in which they called themselves ‘The Cartel’ to share information. They each pleaded not guilty in July last year.

Movers & Shakers of the week

Panel Watch

Yum! Brands launches first European legal panel

Vodafone updates legal panel for first time since 2014


Linklaters’ director of technology Matt Peers has been promoted to become its first chief operating officer

Asian capital markets head William Liu set to become new head of China at Linklaters


Deutsche Bank associate GC returns to private practice

Deutsche Bank North Asia Pacific associate general counsel Catherine McBride has joined Latham & Watkins’ Hong Kong office as a partner in the white collar defense and investigations practice and the financial institutions group

Ropes & Gray loses another City partner

Finance partner Matthew Cox departs Ropes & Gray in London to join Baker McKenzie

A&O strengthens German PE capability

Nils Koffka, former co-head of private equity in Freshfields Bruckhaus Deringer’s Hamburg office, is joining the private equity practice at Allen & Overy

Milbank confirms team hire from US competitor

Milbank Tweed Hadley & McCloy has taken a four partner finance team from Cadwalader Wickersham & Taft, including global financial restructuring co-chair Yushan Ng. Partners Jacqueline Ingram, Karen McMaster and Sinjini Saha will join Ng.

Latham makes a play for Hogan Lovells duo

Latham & Watkins has hired co-head of global financial services litigation Jon Holland, and banking litigation partner Andrea Monks from Hogan Lovells to join its litigation and trial department in London

Co-op’s former GC secures role at British Land

Brona McKeown, former general counsel for The Co-operative Bank has joined British Land as general counsel and company secretary

Ropes & Gray hires longstanding CC partner

Clifford Chance white-collar crime partner Judith Seddon will be joining Ropes & Gray’s London office as a partner and co-head of its London international risk practice

Mischon de Reya boosts corporate practice

Mischon de Reya has hired Addleshaw Goddard partner Tim Field as head of equity capital markets

Clydes bolsters global insurance practice

Mandip Sagoo and Angus Duncan both exit Mayer Brown’s insurance practice to join Clyde & Co in the City

Mergers & Alliances

DLA Piper makes new alliance with local firm Amer Al Amr Law Firm in Saudi Arabia, as the firm’s Saudi managing partner departs

Charles Russell Speechlys prepare to merge with boutique sports firm Couchmans

Office Openings & Closings

US firm Littler Mendelson furthers European expansion with fourth European office to be based in Milan

Squire Patton Boggs opens a new office in Atlanta with three-partner Dentons team hire

Partner Promotions

Withers makes eight-strong promotions round, with two in the City

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