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Latest News

LME hit by second problem in a week

The London Metal Exchange (LME) was brought to a complete standstill earlier this morning forcing traders to revert to the old method of telephone trading.

DoJ charges two HSBC executives in forex manipulation case

The FBI has arrested a HSBC trader and a former foreign exchange executive for alleged front-running on a US$3.5bn transaction.

New Ireland Assurance fined €650,000 by Central Bank of Ireland

The Central Bank of Ireland has fined New Ireland Assurance (NIA) €650,000 for breaching consumer protection laws.

MAS probes banks over links to 1MDB

Singapore’s central bank, the Monetary Authority of Singapore (MAS), is looking into the anti-money laundering activities of a number of major banks in relation to the Malaysian state-run fund, 1MBD, which has been at the centre of a corruption scandal involving prime minister Najib Razak.

Santander's telemarketing vendor lied to customers resulting in US$10m fine

The US Consumer Financial Protection Bureau (CFPB) has ordered Santander to pay a US$10m fine for illegal overdraft service practices.

Trader sentenced to three years for spoofing

Michael Coscia, the first trader convicted of spoofing after it was officially made a crime under the Dodd-Frank Act, has been sentenced to three years’ imprisonment by a federal judge in Chicago, reports the Chicago Sun-Times.

Citigroup to pay US$7m fine for inaccurate reporting of trading data to SEC

The Securities and Exchange Commission (SEC) has announced that Citigroup has agreed to pay a US$7m fine and admit wrongdoing to settle charges that a computer coding error caused the firm to provide the agency with incomplete “blue sheet” information about trades it executed.

Suspect flees Taiwan after NT$70 million stolen from ATMs

Suspects believed to have stolen NT$70m (about £1.65m) from ATMs in Taiwan have fled from the authorities, the China Post reports.

Rabobank makes €500m provision to settle Dutch swaps case

Dutch lender Rabobank has agreed to settle a dispute with local businesses over interest-rate swaps which turned toxic after the 2008 financial crisis.

Barclays fined US$560,000 for submitting inaccurate LTRs

The US Commodity Futures Trading Commission (CFTC) has fined Barclays US$560,000 for failing to submit accurate large trader reports (LTRs) for physical commodity swap positions.

MasterCard faces £19bn class-action lawsuit

MasterCard could face a £19bn class-action lawsuit from litigators claiming it ripped off customers by as much as £400 each via unfair retail chip and pin charges.

Banks agree to compensate SMEs for interest rate derivatives losses

ABN AMRO, ING, SNS and Van Lanschot banks will compensate small businesses that got into financial difficulties as a result of investing in interest rate derivatives between 2005 and 2009. Rabobank and Deutsche Bank, who are also implicated in the case, are yet to make a decision on whether they too will pay compensation.

 
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