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Matt Levine

HSBC Currency Traders Got Greedy on Christmas

When markets misbehave, blame anonymous Russians.

Oh man:

Here is the Justice Department's announcement of charges against Johnson and Stuart Scott, the former head of FX cash trading for Europe, the Middle East and Africa. Here is the complaint, charging them with front-running the purchase of $3.5 billion worth of pounds sterling by a corporate client, apparently Cairn Energy.