Top HSBC manager charged in forex probe

A senior HSBC executive has been charged in the US for his alleged role in a conspiracy to rig international currency markets.

Mark Johnson, HSBC's global head of foreign exchange cash trading in London, was arrested in New York on Tuesday.
Mr Johnson appeared in a federal court in Brooklyn, along side Stuart Scott - head of HSBC's forex trading for Europe, the Middle East and Africa.
HSBC has so far declined to comment.
The two traders are accused of using inside information to make money from a $3.5bn currency deal that they were working on.
About 40% of the world's currency dealing is estimated to go through trading rooms in London.
The massive market, in which $5.3 trillion worth of currencies are traded daily, dwarfs the stock and bond markets.
There is no physical forex marketplace and nearly all trading takes place on electronic systems operated by the big banks and other providers.
Daily "spot benchmarks" known as "fixes" are used by a wide range of financial and non-financial firms to, for example help value assets or manage currency risk.