Mr Chey has had previous scrapes, having been convicted of a billion-dollar accounting fraud in 2003.

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At stake are trades in eurodollar futures--bets on short-term interest rates affecting American dollar deposits outside the U.S.--accounting for 53% of the Merc's overall volume.

FORBES: That Other Exchange

Led by the Saudis in the main but also joined by the other oil-soaked Persian Gulf regimes, the Shariah-inspired jihadists learned quickly that Western financial institutions and their professional lackeys in the legal and accounting fields would do anything for that next billion dollar transaction.

CENTERFORSECURITYPOLICY: The double-edged sword