The Ontario Securities Commission (OSC) has approved settlements with the Royal Bank of Canada (RBC) and the Toronto-Dominion Bank (TD) that arise from “compliance failures” in the banks’ foreign exchange (FX) trading businesses. “These failures allowed RBC and TD FX traders to share confidential customer information in chatrooms with FX traders at competitor firms,” the… Read More >>
Merrill Lynch Commodities Penalized $36.5M for Spoofing
The CFTC reports that it has settled charges against Merrill Lynch Commodities, Inc. (MLCI), a provisionally registered swap dealer that is part of the Bank of America Corp. (BAC), for “spoofing, manipulation, and attempted manipulation over a six-year period with respect to certain precious metals futures contracts.” The settlement will cost MLCI an estimated $25… Read More >>
Ex-Deutsche Bank Traders Found Guilty of Rigging LIBOR
A former supervisor of Deutsche Bank’s pool trading desk and a former Deutsche Bank derivatives trader have been found guilty in a New York Southern District court for participating in a scheme to manipulate the London Interbank Offered Rate, better known as LIBOR, which the U.S. Justice Department calls a “critical global benchmark tied to… Read More >>
