NY state regulator fines Credit Suisse $135 mn over forex practices

as mentioned in Credit Suisse traders improperly shared data to manipulate currency prices & benchmark rates, & took advantage of its electronic trading platform to trade ahead of known client orders, the NY State section of Financial Services said. Switzerland's second-biggest bank engaged in "unsound conduct" from at least 2008 to 2015 with unsuccessful to control its foreign interchange business, the regulator said. The licence Information Systems the latest in a string of universal regulatory settlements with large Wall Street banks over forex trading practices. Credit Suisse, such as numerous other foreign banks, operates in the U.S. out of foreign offshoots which are licensed & regulated with NY state. Like other banks, Credit Suisse foreign interchange traders used chat rooms to share confidential customer information, coordinate trades & have a have aTry to manipulate currencies or benchmark rates, DFS said.

NY state regulator fines Credit Suisse $135 mln over forex practices

The Credit Suisse logo Information Systems seen at the headquarters in downtown Milan, Italy, March 9, 2016. Switzerland's second-biggest bank engaged in "unsound conduct" from at least 2008 to 2015 with unsuccessful to control its foreign interchange business, the regulator said. The licence Information Systems the latest in a string of universal regulatory settlements with large Wall Street banks over forex trading practices. Credit Suisse, such as numerous other foreign banks, operates in the U.S. out of foreign offshoots which are licensed & regulated with NY state. Like other banks, Credit Suisse foreign interchange traders used chat rooms to share confidential customer information, coordinate trades & have a have aTry to manipulate currencies or benchmark rates, DFS said.

New York state regulator fines Credit Suisse $135 mln over forex practices

as mentioned in The settlement stems from a DFS probe which found "unlawful, unsafe & unsound conduct" in the Swiss bank's forex business from at least 2008 to 2015, the regulator said. Credit Suisse foreign interchange traders used chat rooms to share confidential customer information, coordinate trades & have a have aTry to manipulate currencies or benchmark rates, DFS said. Credit Suisse too used an algorithm offered with its electronic trading platform, eFX, to trade ahead of known client orders, DFS said. In a statement, DFS Superintendent Maria Vullo blamed Credit Suisse executives that "deliberately fostered a corrupt culture which failed to implement efficient controls." DFS's licence with Credit Suisse Information Systems the latest in a string of universal regulatory settlements with large Wall Street banks over forex trading practices ever 2015.

UPDATE 1-NY state regulator fines Credit Suisse $135 mln over forex practices

Switzerland's second-biggest bank engaged in "unsound conduct" from at least 2008 to 2015 with unsuccessful to control its foreign interchange business, the regulator said. The licence Information Systems the latest in a string of universal regulatory settlements with large Wall Street banks over forex trading practices. Credit Suisse, such as numerous other foreign banks, operates in the U.S. out of foreign offshoots which are licensed & regulated with NY state. As fraction of its settlement, Credit Suisse agreed to get better its controls & compliance, & retain a consultant to description its remedial efforts for at least a year. Like other banks, Credit Suisse foreign interchange traders used chat rooms to share confidential customer information, coordinate trades & have a have aTry to manipulate currencies or benchmark rates, DFS said.

collected by :John Locas