Glen Point Capital Co-Founder Faces FX Manipulation Trial (2)

Glen Point Capital co-founder Neil Phillips must face US charges that he tried to manipulate the foreign exchange market, clearing the way for an October trial in a closely watched case over a once-widespread practice employed by currency traders.

Phillips urged a federal judge in August to throw out the charges, saying the US is attempting to criminalize normal trading activity. Judge Lewis J. Liman on Friday rejected Phillips’s arguments, including his contention that the charges represent an improper reach of the US Commodities Exchange Act.

Read More: Glen Point Co-Founder’s Arrest Could Ripple Across Funds

The case has thrust ...