Chase bank foreign currency rates5/29/2023 The relevant period of conduct varies across the Banks, with conduct commencing for certain banks in 2009, and for each bank, continuing into 2012.Īitan Goelman, the CFTC’s Director of Enforcement, stated: “The setting of a benchmark rate is not simply another opportunity for banks to earn a profit. The Orders also require the Banks to cease and desist from further violations, and take specified steps to implement and strengthen their internal controls and procedures, including the supervision of their FX traders, to ensure the integrity of their participation in the fixing of foreign exchange benchmark rates and internal and external communications by traders. The Orders collectively impose over $1.4 billion in civil monetary penalties, specifically: $310 million each for Citibank and JPMorgan, $290 million each for RBS and UBS, and $275 million for HSBC. (JPMorgan), The Royal Bank of Scotland plc (RBS) and UBS AG (UBS) (collectively, the Banks) for attempted manipulation of, and for aiding and abetting other banks’ attempts to manipulate, global foreign exchange (FX) benchmark rates to benefit the positions of certain traders. (Citibank), HSBC Bank plc (HSBC), JPMorgan Chase Bank N.A. Commodity Futures Trading Commission (CFTC) issued five Orders filing and settling charges against Citibank N.A. NovemCFTC Orders Five Banks to Pay over $1.4 Billion in Penalties for Attempted Manipulation of Foreign Exchange Benchmark Rates Citibank, HSBC, JPMorgan, RBS, and UBS Coordinated Trading with Other Banks in Private Chat Rooms in Their Attempts to Manipulate Check Registration & Disciplinary History.
0 Comments
Leave a Reply. |