US District Court Requests International Judicial Channels

The US District Court for the Southern District of New York has turned to international judicial channels in its ongoing litigation over alleged manipulation of foreign exchange auctions conducted on Currenex.

On September 3, 2025, Judge Lewis A. Kaplan issued an order granting a request for international judicial assistance aimed at compelling testimony from a non-party witness. The court forwarded the request to the Senior Master of the High Court (King’s Bench Division) of England and Wales, seeking cooperation in obtaining evidence for trial.

US District Court Requests International Judicial Channels

The focus of the request is Jan Stromme, the former Global Head of Distribution for XTX Markets Limited, who was in that role during the period under scrutiny. Stromme is not a defendant but may provide key testimony concerning XTX’s trading activity on Currenex and the firm’s understanding of the platform’s operations.

The lawsuit was by Edmar Financial Company, LLC, Irish Blue & Gold, Inc., and XTX Markets Limited. The plaintiffs allege that Currenex, together with select trading firms such as State Street Bank, Goldman Sachs & Co. LLC, and HC Technologies LLC, engaged in practices that disadvantaged other market participants.

The plaintiffs center their claims on two alleged forms of misconduct. First, Currenex’s trade-matching algorithm used tiebreaking rules favoring defendants’ bids even when competing orders were placed earlier. Second, that HC Tech allegedly enjoyed administrator-level access to the platform, enabling it to monitor other traders’ activity.

The defendants deny wrongdoing and assert that the claims are for multiple reasons, including statute of limitations, lack of damages, and absence of causation.

Also, the examination of Stromme is going to cover XTX’s criteria for choosing trading venues, its service agreements with Currenex, knowledge of the platform’s matching logic, and any preferential treatment XTX may have received on rival platforms.

This move follows a recent court order requiring XTX’s founder, Alexander Gerko, and Chairman Zarthustra Amrolia to sit for depositions.

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