Economic news

UBS, HSBC and Deutsche Bank are charged with futures manipulations by the US

3 banks headquartered in Europe were filed charges against by the US Department of Justice and US derivatives regulator.

These banks had to pay $46.6 mln as they allegedly manipulated US futures and commodities market. UBS, HSBC and Deutsche Bank and their ex-traders, together with people from other companies, were charged with manipulations with metals and equities futures after a massive investigation involving a number of agencies.

To settle the charges Deutsche Bank paid $30 mln, UBS – $15 mln, and HSBC – $1.6m, according to the Commodity Futures Trading Commission.

All of the banks aided the investigators substantially and therefore their penalties were cut by the CFTC. UBS informed the regulator of alleged wrong-doing by its traders itself, as the CFTC said. There was no instant statement from a UBS spokesperson, while HSBC representative said its company was satisfied to have settled the case.

Deutsche Bank, as its spokesperson said, significantly assisted the investigation and has strengthened supervision to make certain that this kind of things don’t happen again.

To leave a comment you must or Join us

More news

Back to economic news list

By visiting our website and services, you agree to the conditions of use of cookies. Learn more
I agree