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Foreign exchange markets

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Overview

Foreign exchange (FX) is the world’s biggest financial market, with a global trading volume of more than $6 trillion per day. In the last few years, both potential antitrust violations and securities litigation in FX markets have increased. Our experts have assisted regulators in their investigations of potential misconduct and assisted class action and direct action plaintiffs in evaluating potential damages. We collaborate with multiple practices at Bates White, including Antitrust and Competition, to provide clients with the necessary expertise for antitrust investigations in the FX market.

In addition to our antitrust work in FX markets, we have provided expert testimony and consulting advice in matters involving issuance and trading of FX instruments, calculating damages due to breach of contracts with FX-denominated instruments, and analyzing hedging practices against market fluctuations.

Selected Work

  • FX market investigation and litigation. Provided consulting work for a regulator in its investigation in trading in the FX markets. Performed analysis in support of a trial regarding allegations of front running in the FX market.
  • FX market manipulation consulting. Advised large foreign exchange trading financial institutions regarding potential damages from alleged manipulation in foreign exchange markets and advised on the best course of action.
  • Mayagüez, S.A. v. Citigroup, Inc. and Citibank, N.A. Provided expert testimony on foreign exchange trading and instruments suitable for hedging against exchange rate fluctuations.
  • Foreign currency denominated bonds. Provided economic analysis for foreign currency bond markets. Performed expert and consulting work that included calculation of damages resulting from breach of contract and analyses of bond auction mechanism and Eurobond contracts.
  • Foreign government bonds. Provided economic analysis for a class action complaint against major financial institutions for conspiring to fix the prices of the foreign government’s bonds.
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