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Anticipating an FX spot trade: front running or just trading ahead?
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This article considers aspects of the recent decision in The ECU Group Plc v HSBC Bank Plc and Ors,1 in particular concerning the difference between legitimate “trading ahead” and illegitimate “front running” in the context of FX spot trading, and issues of causation. The current regulatory framework around spot FX is also considered before some practical conclusions are drawn.
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