Economy

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

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

The Credit Swiss bank has been ordered to pay a fine of $135 million to U.S. authorities after an enquiry into the Swiss bank's practices in setting foreign exchange rates.

The New York Department of Financial Services alleges that Credit Suisse failed to implement proper controls over its foreign-exchange business from 2008 to 2015.

Credit Suisse denied the claims, saying that it does "not admit to any findings of factor and the resolution does not involve any fraud-based violations".

Credit Suisse traders used online chat rooms to share client information, discuss coordinating trades and attempt to manipulate currency prices and benchmark rates - diminishing competition among banks and increasing profits at clients' expense, according the statement.

Don't miss your last chance to attend the biggest trading event of the year! The state said Credit Suisse predicted that the algorithm would generate about $2 million in profits in 2013.

More news: Tennessee State Player Expelled From School After Punching Coach on Sideline

Earlier this year, French bank BNP Paribas agreed to pay NY $350 million to settle similar claims, and Barclays paid $635 million in 2015.

NY regulators have accused more than a dozen traders and salespeople working for the Switzerland's second-biggest bank of manipulating the $5.3 trillion a day forex market and other illegal activity over the course of eight years, running up to 2015.

Since 2014, NY has been investigating whether banks under its aegis used algorithms on their trading platforms to front-run or otherwise manipulate foreign exchange rates.

As part of an agreement with regulators, the bank will be required to retain an outside expert for one year to review remedial measures taken to protect against the misconduct.


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