Deutsche Bank Fined $157 Million Over Alleged Trading Violations
April 20 2017 - 04:37PM
Dow Jones News
By Rachel Witkowski
Tag:
WASHINGTON -- Deutsche Bank AG has agreed to pay $157 million in
penalties to the Federal Reserve over alleged violations of
foreign-exchange trading rules.
The Fed on Thursday said Deutsche Bank failed to detect that its
foreign-exchange traders were using electronic chatrooms to talk
about trading positions with competitors. The bank also violated
the Volcker rule, which prohibits banks from proprietary trading,
according to the Fed.
Deutsche Bank has been ordered to pay $156.6 million in fines,
address the violations and cooperate with any investigations of
individuals involved in the foreign-exchange trades.
The settlement is related to a broader investigation of several
global banks that were accused of colluding to move
foreign-currency rates for their own benefit.
--Aruna Viswanatha contributed to this article.
(END) Dow Jones Newswires
April 20, 2017 16:22 ET (20:22 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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