Deutsche Bank Securities Fined $70 Million in Manipulation Case
TOM BEMIS, 02 January 2018
Deutsche Bank Securities Inc., a unit of Deutsche Bank (DB) – Get Report , was fined $70 million as part of a settlement of charges by the Commodity Futures Trading Commission that it attempted to manipulate a key foreign exchange benchmark.
The CFTC found that DBSI made false reports and sought to manipulate the U.S. Dollar International Swaps and Derivatives Association Fix, used as a daily reference in a wide variety of interest-rate products.
The manipulations between 2007 and 2012 sought to benefit DBSI’s derivative positions, the CFTC said in a statement.
The case is the latest to be resolved against banks that conspired to manipulate the International Swaps and Derivatives Association Fix.
Previously the agency fined Barclays (BCS) – Get Report $115 million in May of 2015, Citibank (C) – Get Report $250 million in May of 2016, Goldman Sachs (GS) – Get Report $120 million in December, 2016, and Royal Bank of Scotland (RBS) – Get Report $85 million in February of 2017.
