Cftc forex fines
You are using an out of date browser. It may not display this or other websites correctly. You should upgrade or use an alternative browser. Discussion in ' Forex Articles ' started by AsstModeratorNov 12, Complete Forex Trading Course by Pro Banker Shoulders of Giants Market Analytics Daily Forex Trading Forex Forex Glossary. Scam Alerts - Read and Report Forex Traders Court Community Forums. Search titles only Posted by Member: Separate names with a comma. Search this thread only Search this forum only Display results as threads. Forex Peace Army - Your Forex Trading Forum. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. AsstModerator FPA Forums and Reviews Admin. Dec 11, Messages: There's no need to wonder if the biggest players on the forex field try to manipulate exchange rates. Additional penalties are being imposed by the FCA and FINMA. The latest from the CFTC Commodity Futures Trading Commission CFTC issued five Orders filing and settling charges against Citibank N. CitibankHSBC Bank plc HSBCJPMorgan Chase Bank N. The Orders also require the Banks to cease and desist from further violations, and take specified steps to implement and strengthen their internal controls and procedures, including the supervision of their FX traders, to ensure the integrity of their participation in the fixing of foreign exchange benchmark rates and internal and external communications by traders. The relevant period of conduct varies across the Banks, with conduct commencing for certain banks inand for each bank, continuing into Countless individuals and companies around the world rely on these rates to settle financial contracts, and this reliance is premised on faith in the fundamental integrity of these benchmarks. The market only works if people have confidence that the process of setting these benchmarks is fair, not corrupted by manipulation by some of the biggest banks in the world. The Orders find that certain FX traders at the Banks coordinated their trading with traders at other banks in their attempts to manipulate the FX benchmark rates, including the 4 p. FX traders at the Banks used private chat rooms to communicate and plan their attempts to manipulate the FX benchmark rates. In these chat rooms, FX traders at the Banks disclosed confidential customer order information and trading positions, altered trading positions to accommodate the interests of the collective group, and agreed on trading strategies as part of an effort by the group to attempt to manipulate certain FX benchmark rates. These chat rooms were sometimes exclusive and invitation only. Examples of the coordinating chats are attached under Related Links. The Orders also find that the Banks failed to adequately assess the risks associated with their FX traders participating in the fixing of certain FX benchmark rates and lacked adequate internal controls in order to prevent improper communications by traders. According to the Orders, some of this conduct occurred during the same period that the Banks were on notice that the CFTC and other regulators were investigating attempts by certain banks to manipulate the London Interbank Offered Rate LIBOR and other interest rate benchmarks. The Commission has taken enforcement action against UBS and RBS among other banks and inter-dealer brokers in connection with LIBOR and other interest rate benchmarks. The Orders recognize the significant cooperation of Citibank, HSBC, JPMorgan, RBS, and UBS with the CFTC during the investigation of this matter. In the UBS Order, the CFTC also recognizes that UBS was the first bank to report this misconduct to the CFTC. The CFTC thanks and acknowledges the invaluable assistance of the U. Department of Justice, the Federal Bureau of Investigation, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Reserve Bank of New York, the FCA, and FINMA. CFTC Division of Enforcement staff members responsible for these cases are Robert Howell, Jonathan Huth, Traci Rodriguez, Jennifer Smiley, David Terrell, Melissa Glasbrenner, Heather Johnson, Jordon Grimm, Elizabeth Streit, and Gretchen L. RabobankCFTC Docket No. In these actions, the CFTC ordered each institution to undertake specific steps to ensure the integrity and reliability of the benchmark interest rates. Media Contact Dennis Holden May 20, Messages: Unfortunately this isn't even walking around money for these folks. They will not learn a lesson until a few of them spend some time behind bars. Oct 3, Messages: A billion here, a billion there. Pretty soon you're talking about real money. The good thing is that the fines keep escalating. Hopefully if there's another round of this, there will be some prison time thrown in on top. Oct 14, Messages: Let's get this right. The banks made possibly 50 Billion and get slapped with 3. Crime pays and it will never stop because the profits made are worth the risk of paying a smaller fine. Nov 11, Messages: I hope financial regulation institutions in my country may work as good as CFTC. May 16, Messages: The fines are definitely too low, but this is still just the first round of penalties. The CFTC has a history of hitting with lower fines as a warning shot to let financial firms know that they need to change their ways before damaging penalties are levied. If the banks don't get a handle on this, the next round will be cftc less pleasant. I suspect that if a 3rd round becomes fines, the fines will be times what was paid this time and that's also when we'll start seeing some people being banned from the industry and others spending some quality time in a federal penitentiary. Aug 18, Messages: I'm not sure how much they made. A lot less than the current round of fines. I'm looking forward to seeing how big the fines are in the next round. The CFTC doesn't find repeat offenses amusing, so will likely scale up the punishments very quickly. You must log in or sign up to post here. Share This Page Tweet. The FBI warns about Binary AsstModerator posted Mar 20, AsstModerator posted Feb 6, Elizabeth Rayment posted Jan 8, AsstModerator posted Oct 24, Title Start Date Replies Views Last Fines. How Does The Forex Signals System Actually Work? 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It gives a fictional description of the events in the life of the Rostov family as well as some of the historical events of the time.