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Nomura Made FX Trades for Glen Point at Heart of Fraud Claim

  • Japanese bank is unidentified firm in indictment, people say
  • Glen Point co-founder accused of rigging exchange rates
Updated on

Nomura Holdings Inc. pushed through hundreds of millions of dollars of trades for hedge fund Glen Point Capital LLP that are now at the center of US criminal charges against its co-founder Neil Phillips, according to people familiar with the matter. 

Prosecutors said on Thursday that Phillips, 52, worked with a Singapore-based employee of an unidentified firm to arrange some $725 million of currency trades as he sought to manipulate rates. The firm, known only as Bank-3 in the indictment, is Nomura, according to the people, who requested anonymity as the details are private.