Friday, 17 November, 2017

Credit Suisse Charged by New York State Department

SWITZELRAND-CREDITSUISSE-BANKING Credit Suisse was fined in the forex probe
Conrad Doyle | 14 November, 2017, 19:17

The Credit Swiss bank has been ordered to pay a fine of $135 million to U.S. authorities after an enquiry into the Swiss bank's practices in setting foreign exchange rates.

Credit Suisse denied the claims, saying that it does "not admit to any findings of factor and the resolution does not involve any fraud-based violations".

Don't miss your last chance to attend the biggest trading event of the year!

Rivals including Citigroup Inc, JPMorgan Chase & Co, Barclays PLC, and Royal Bank of Scotland PLC collectively paid $10 billion in 2014 and 2015 to settle probes by US and European authorities that their forex traders coordinated to cheat clients and boost their own profits.

The action against Credit Suisse is the latest in a series of agreements by major global banks to settle the investigations by USA authorities into the alleged manipulation of the foreign exchange market.

The fine comes as the latest in a string of clampdowns by United States authorities on the Zurich-based bank since investigations began into various malpractices in the wake of the 2008 financial crisis.

The bank confirmed the fine, as well as its willingness to pay it, in a statement released late Monday evening.

The probe is still ongoing in relation to other banks, according to a person familiar with the matter.

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.

Credit Suisse shared information with other banks which may have allowed coordinated trading and "manipulation of exchange rates", the Department of Financial Services (DFS) in NY said in an order announcing the fine.

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.

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