What happened was that some members of Harlow’s spot USD/CHF team were found to be cashing points – as a result, four or five of them got turfed out of the City. What shocked the market was not the fact that they were running points – virtually every broker at the time did that, and it was a big help to liquidity – but that they were cashing them though a bank in Switzerland.
One of them, Barry Wiseman, who was number two on the desk, has just lost a case taken out by Garban Harlow Ueda Ltd, which is now part of Icap.
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