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By Jamie McGeever
LONDON, Oct 14 (Reuters) - Three London-based currencytraders have left JP Morgan and HSBC, sourcessaid on Tuesday, as investigations by banks and regulators intoalleged collusion and manipulation in the $5.3 trillion-a-daymarket draw closer to a settlement.
The three are Richard Usher, former head of spot G10currency trading at JP Morgan, Serge Sarramegna, former UK headof G10 FX cash trading at HSBC, and Edward Pinto, a spotScandinavian currencies trader at HSBC, the sources, whodeclined to be named, told Reuters.
None of them could be reached for comment. All three hadbeen on leave for several months, sources have said.
Britain's Financial Conduct Authority (FCA) declined tocomment.
Sarramegna and Pinto were both fired, a source familiar withthe matter said. Usher was listed as "inactive" on the FCA'sregister of approved individuals as of Oct. 6.
Last week, Dutch lender Rabobank placed twoLondon-based currency traders, including its chief dealer, onpaid leave following an internal investigation into the bank'scurrency trading practices.
It is unclear whether the JP Morgan and HSBC moves weredirectly related to the global investigation into allegationsthat a handful of senior traders shared client order informationin electronic chatrooms known as "The Cartel", but sources saidit adds to expectations that the year-long probe may be close toyielding its first results.
"This is interesting. It's a sign we're getting somewhere(in the investigation)," said one source familiar with theinvestigation. "Things are starting to move apace."
Usher had been on leave since October last year, andSarramegna and Pinto were suspended in January, sources havesaid.
More than 30 currency operatives at several leading banks -including one at the Bank of England - have been suspended,placed on leave or fired as a dozen authorities including theU.S. Department of Justice have conducted their investigations.
The investigation originally centred on activity related tothe so-called "London fixing", the one-minute window at 4:00 pmin London every trading day when benchmark exchange rates areset, but has since broadened out, sources say.
Sources have told Reuters that a settlement between the FCAand major banks based largely on banks admitting lax internalcompliance, oversight failures and market conduct breaches byindividual employees could be reached by the end of the year.
Among the banks cooperating with the FCA's inquiries areBarclays, UBS, Deutsche Bank, Citi and
Reform of the world's largest market is also under way. Lastmonth, the G20 said that the London fix window should be widenedto five minutes to make it harder to manipulate. (Reporting by Jamie McGeever; Editing by Louise Ireland)
