Ex-JP Morgan trader on trial for rigging

Justice dept claims fake trades duped market but defence argues against overly simplistic view

Lawyers began opening statements in Aiyer's case on October 31

“Conspiracies are nice,” Jason Katz, a former currency trader at Barclays and BNP Paribas, wrote on November 4, 2010 to Akshay Aiyer, then a trader at JP Morgan. “Hahaha,” Aiyer wrote back.

But Aiyer wasn’t laughing on Thursday (October 31), when those words returned to haunt him as he stands trial for conspiracy in the Southern District Court of New York. US prosecutors said instead of competing with his peers at other banks, Aiyer conspired with them from 2010 to 2013 to rig prices in

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