Credit Suisse Charged by New York State Department

Mae Love
November 14, 2017

USA regulators hit banking giant Credit Suisse (IOB: 0QP5.IL - news) with a $135 million fine to resolve allegations its traders manipulated foreign exchange prices, NY officials announced Monday.

"From at least 2008 to 2015, Credit Suisse consistently engaged in improper, unsafe, and unsound conduct, in violation of NY laws and regulations, by failing to implement effective controls over its FX business", the regulator said.

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

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

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In one example cited by DFS, operators of Credit Suisse's electronic trading platform, eFX, used a variety of algorithm to manipulate currencies including "front-running" customers' limit and stop-loss orders.

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 agreement brings to a conclusion the complaints made by the Department of Financial Services of New York State (DFS), which was investigating a number of currency transactions processedby the bank between 2008 and 2015.

As part of its settlement, Credit Suisse agreed to improve its controls and compliance, and retain a consultant to review its remedial efforts for at least a year.

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