NY fines Credit Suisse $135 mn over forex manipulation

India home to 2,45,000 millionaires household wealth at $5 trillion

Credit Suisse Group AG will pay a $135 million fine to settle allegations it broke NY banking law by improperly working with other global banks, trading ahead of client orders and additional conduct that hurt its customers.

The Swiss bank does not admit to any findings of fact and the resolution does not involve any fraud-based violations, the bank writes.

The New York Department of Financial Services alleges that Credit Suisse failed to implement proper controls over its foreign-exchange business from 2008 to 2015.

The agreement is the latest in a string of global regulatory settlements with big Wall Street banks over forex trading practices.

Credit Suisse traders used online chat rooms to share client information, discuss coordinating trades and attempt to manipulate currency prices and benchmark rates - diminishing competition among banks and increasing profits at clients' expense, according the statement.

Credit Suisse, like numerous other foreign banks, operates in the United States through foreign branches that are licensed and regulated by NY state. In late September, the British bank HSBC agreed to pay $175 million to avoid prosecution.

The investigation also found executives encouraged traders to engage in "front-running", or trading ahead of known client orders.

The Department of Financial Services (DFS) in NY said traders at Credit Suisse had co-ordinated with other banks and traded on confidential customer information, which could have led to the manipulation of exchange rates.

Elsewhere, traders in the bank used a tactic called "building ammo", where they improperly shared customer information on trading the euro/yen currency pair to ensure they were not taking positions that would hurt one another.

Related News:



Most liked

Tesla accused of racial discrimination in lawsuit
According to Bloomberg , Vaughn referenced an email to employees from founder and chief executive Elon Musk in his complaint. The company is also facing lawsuits accusing it of discrimination against gay and older workers .

Devastating tremors in Iran and Iraq: the death toll is growing rapidly
Filed with the United Nations within a radius of 15 km from the epicenter of the quake live about 19 thousand people. Tremors were felt also in the Iraqi provinces of Erbil, Halabja and Dohuk, where Kurds live predominantly.

Pokemon GO Adds Alola Outfits to Celebrate Ultra Sun & Ultra Moon
The Move Tutor was missing in Pokemon Sun and Moon which left a lot of fans frustrated. A hat, a shirt, and some new shoes, too.

GameStop temporarily halts the new PowerPass rental subscriptions
According to GameStop staff speaking to Kotaku's Jason Schreier, the company is suspending the program indefinitely. GameStop's entrance into the game-rental market comes amid the company's continued financial difficulties.

Growth Analysis of Callon Petroleum Company (CPE)
When investing in a volatile security, the risk of success is increased just as much as the risk of failure. (NYSE:CIT) shares. New York State Common Retirement Fund raised its position in shares of Callon Petroleum by 3.3% during the 3rd quarter.

Colts' TY Hilton a nominee for 2017 Art Rooney Sportsmanship Award
The award, which honors players who display excellent sportsmanship on the field, is voted on by National Football League players. The latter quality has been just as inherent in Robison as the instincts that helped him make the play.

Iraq Kurds say they respect federal court decision banning independence
In September, the KRG held a controversial referendum on Kurdish regional secession, a vote decried by Baghdad as illegitimate. The statement is seen as the latest efforts by KRG to start a dialogue with Baghdad that can lead to a peaceful breakaway.

Activision Blizzard (ATVI) Stake Increased by Graticule Asia Macro Advisors LLC
Cornerstone Advisors Inc. raised its stake in shares of Activision Blizzard by 321.5% during the 3rd quarter. (NASDAQ: ATVI ). The New Jersey-based Honeywell Incorporated has invested 0.56% in Activision Blizzard, Inc . (NASDAQ:ATVI) for 41,058 shares.

At least 3 dead in California school shooting, shooter killed by police
Sheriff's Investigators confirm that there are at least three deaths, including the suspected shooter. A Corning Unified School district employee confirmed there were injuries at the school.

Trading Patterns In Focus: MannKind Corporation (MNKD), The Boeing Company (BA)
MannKind Corporation a United States of America based Company, belongs to Healthcare sector and Biotechnology industry. ValuEngine cut MannKind Corporation from a "hold" rating to a "sell" rating in a report on Wednesday, October 18th.

Photo of Walmart cashier helping nervous man count change goes viral
Since being posted on Thursday, the photo has been shared over 16,900 times and has over 27,000 likes. She took the man's hands, dumped out the change and said, "This is not a problem, honey.

Analysts Outlook: Oncosec Medical Cmn (ONCS)
By taking a look at the stock's current statistics it can gauged that the stock candle is BULLISH with HIGH volatility. The stock go up so far this year; showing a rise of 83.74% and added with positive flow of 71.21% during recent week.

Tennessee State football player sucker punches coach
Senior defensive end Latrelle Lee was involved in an altercation with TSU strength and conditioning coach T.J. Through nine games this season, games Lee tallied 18 tackles and 3.5 tackles for loss.

United Nations urges countries to stop fighting during winter Olympics
North Korean figure skaters Ryom Tae-Ok and Kim Ju-sik qualified for the pairs competition last month, however. While in the US , the minister will be engaged in a slew of promotional activities for the Olympics .

UBI posts Rs 344.83 crore net loss in Q2
The lender had posted a net loss of Rs 211.46 crore for the first quarter of the current fiscal. Revenue of the company was down 33 percent at Rs 1,300 crore versus Rs 1,947.9 crore.