Credit Suisse Fined $135 Million by New York Watchdog for Rigging FX Market
Posted: Sun Nov 12, 2017 9:13 pm
Credit Suisse has been slapped with a $135 million fine by the top financial regulator in New York, which found a long pattern of unsafe and unsound practices in the bank’s foreign exchange business from at least 2008 to 2015.
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The Department of Financial Services also ordered the Swiss bank on Monday to put in place a program to ensure that the alleged violation doesn’t happen again.
The DFS said Credit Suisse had insufficient oversight and controls over its FX traders, who allegedly discussed trading positions with ... (read more)