On January 4, 2017 and January 12, 2017, Jason Katz and Christopher Cummins, respectively, each pled guilty to violating the Sherman Act, 15 U.S.C. § 1.  Katz and Cummins were foreign currency exchange (“FX”) dealers of Central and Eastern European, Middle Eastern and African currencies at financial institutions, and their pleas are part of DOJ’s ongoing investigation into the FX market.  Katz was the first individual to plead guilty as part of that investigation.  Katz and Cummins suppressed and eliminated competition in the FX market by manipulating prices on an electronic trading platform.  Among other practices, Katz and Cummins, along with his co-conspirators, created non-bona fide trade, coordinated the placement of bids and offers and agreed on prices to quote to customers.  U.S v. Katz, No. 17-CR-003 (S.D.N.Y.); U.S. v. Cummins, 17-CR-026 (S.D.N.Y). Katz Press ReleaseCummins Press Release