new york fines credit suisse 135 mn over forex manipulation
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

New York fines Credit Suisse $135 mn over forex manipulation

Arab Today, arab today

Arab Today, arab today New York fines Credit Suisse $135 mn over forex manipulation

US regulators hit banking giant Credit Suisse with a $135 million.
New York - Arab Today

US regulators hit banking giant Credit Suisse with a $135 million fine to resolve allegations its traders manipulated foreign exchange prices, New York officials announced Monday.

The illicit activity began at least as far back as 2008 through as recently as 2015, and included profiting at clients' expense and improperly sharing client information, the New York State Department of Financial Services said in a statement.

The department's superintendent Maria Vullo said certain bank executives "deliberately fostered a corrupt culture" which permitted repeated violations of the law and of client trust.

The action against Credit Suisse is the latest in a series of agreements by major international banks to settle the investigations by US authorities into the alleged manipulation of the foreign exchange market. In late September, the British bank HSBC agreed to pay $175 million to avoid prosecution.

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.

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

As part of an agreement with regulators, the bank will be required to retain an outside expert for one year to review remedial measures taken to protect against the misconduct.

Credit Suisse earlier this month announced that quarterly profits had soared almost six fold to $244 million as the company proceeds with restructuring and cost cutting.

Early this year, US authorities announced a $5.28 billion settlement with Credit Suisse over its role in the sale of the kind of toxic securities that led to the global financial crisis of 2008.

Source: AFP

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

new york fines credit suisse 135 mn over forex manipulation new york fines credit suisse 135 mn over forex manipulation

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

new york fines credit suisse 135 mn over forex manipulation new york fines credit suisse 135 mn over forex manipulation

 



GMT 07:02 2017 Monday ,27 November

Nissan GT-R/C races at Silverstone

GMT 10:06 2015 Saturday ,27 June

Chevrolet lifts lid on 2016 Camaro Convertible

GMT 18:51 2018 Friday ,26 October

Four Palestinians killed by Israeli gunfire

GMT 03:14 2016 Wednesday ,28 December

Kiir: National dialogue will end civil war in S. Sudan

GMT 03:07 2017 Monday ,19 June

Syrian army declares ceasefire in Deraa

GMT 09:00 2014 Tuesday ,02 December

Jewels no money can buy on show in Florence

GMT 18:59 2017 Friday ,08 December

Morocco summons UNSC permanent members' envoys

GMT 10:00 2017 Thursday ,06 April

We are trying to re-raise Egyptian cotton value

GMT 21:43 2017 Tuesday ,07 March

Singer George Michael died of natural causes

GMT 21:57 2016 Wednesday ,23 November

Trump taps South Carolina Nikki Haley for UN ambassador

GMT 15:50 2017 Thursday ,21 September

Russia agrees to accept court ruling

GMT 00:20 2016 Sunday ,11 December

Bahrain deplores suicide blast in Egypt

GMT 00:53 2016 Sunday ,13 November

Trial of 494 MB members over Ramsis clashes adjourned
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday