Deutsche Bank hit with spoofing fine by US Justice Department
Deutsche Welle, 29 January 2018
US authorities have fined Deutsche Bank and two other European finance institutions for manipulating markets. Germany warned its best-known bank not to overdo bonuses — it’d be bad for its already soured image.
US authorities fined Deutsche Bank and two other banks for market manipulation on Monday. The banks were accused of manipulating futures markets in precious metals through a process known as “spoofing,” the US Justice Department and Commodity Futures Trading Commission (CFTC) announced.
Deutsche Bank was fined $30 million (€24 million), while UBS agreed to pay $15 million and HSBC took a $1.6 million hit.
Investigators looked into whether traders at the banks had worked to manipulate futures markets in precious metals.
Including already-indicted ex-UBS trader Andre Flotron, seven former brokers and a tech consultant — based in New York, Switzerland, Britain, Australia and the United Arab Emirates — face charges for placing, then aborting, deals to manipulate various metal market prices from early 2008 to 2014.
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