A former UBS banker is set to testify as soon as Thursday as the U.S. government’s star witness against three British traders accused of conspiring to rig the foreign-exchange market.
Bloomberg News reports that Matt Gardiner is expected to tell a jury in Manhattan federal court that the men used an electronic chatroom dubbed "the Cartel" to manipulate the $5.1 trillion-a-day currency market. His testimony is the cornerstone of the government’s effort to punish individuals involved in rigging key market benchmarks.
Gardiner’s testimony follows Wednesday’s opening arguments in the trial of Richard Usher, former head of foreign-exchange spot trading in emerging markets in Europe and Asia at JPMorgan Chase, Rohan Ramchandani, former head of spot trading for 10 major currencies at Citigroup Inc., and Christopher Ashton, former head of spot FX trading at Barclays.
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