A longtime UBS trader who was once suspended for over a year as part of the global probe into the manipulation of currency markets has left the bank. Michael Agaisse, UBS’s former head of FX and PM trading in the Americas, exited the bank earlier this month. Agaisse was suspended in early 2014 after regulators began investigating claims that traders across different banks were colluding to manipulate foreign exchange markets. UBS fired several traders at the conclusion of the probe, but Agaisse was reinstated in mid-2015, according to the Financial Times.
Just a year following his reinstatement, Agaisse was elevated from his role as an executive director within the Forex group to the head of all foreign exchange and precious metals trading in the Americas, according to LinkedIn. Agaisse had previously been the director of FX trading at National Australia Bank in New York and a portfolio manager at hedge fund Willowbridge Associates. He cut his teeth at Lehman Brothers in the 1990s.
Agaisse was one of the few traders who was suspended as part of the FX probe to earn their reinstatement, suggesting he was fully exonerated. Currency traders across continents reportedly colluded to rig exchange rates and front-run client orders, eventually resulting in billions of dollars in fines and the firing of dozens of traders. Five banks including UBS pled guilty to federal charges. UBS declined to comment on Agaisse’s exit. Agaisse didn’t return a request for comment and is no longer in the bank's phone directory.
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