Currency trader Stuart Scott dismissed by HSBC in wake of the conspiracy to manipulate the £3trillion a day foreign exchange market

• e-mail

Highly regarded: Stuart Scott has been dismissed by HSBC

HSBC has fired its top currency trader in Europe in the wake of the conspiracy to manipulate the £3trillion a day foreign exchange market.

The High Street giant has dismissed Stuart Scott, the head of currency trading in Europe, the Middle East and Africa, a month after it was fined £390million by UK and US regulators over the scandal.

Scott joined HSBC in 2007 and was based in London. He was fired on Tuesday, the third HSBC employee to be ousted.

But Scott appears to have been highly regarded in the industry. 

He is pictured after winning the FX Week annual award in 2007 for Best Bank for Emerging European, Middle Eastern and African currencies.

During his tenure he managed a trader called Frank Cahill, who was fired recently by Goldman Sachs for alleged conduct while he worked for HSBC.

Last month, six banks, including HSBC and Royal Bank of Scotland, were fined a total of £2.6billion by US and UK authorities for manipulating the foreign exchange market between January 2008 and October 2013.

Damning emails showed how traders bragged about the scam on internet chatrooms.

A number of regulators are still investigating. HSBC (down 1.8p to 620.9p) declined to comment.