Article: Citadel Securities Pays $97m to Settle with China Regulators

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Citadel Securities Pays $97m to Settle with China Regulators

Aziz Abdel-Qader

FinanceMagnates, 20 January 2020

Citadel Securities, one of the largest market makers in US stocks and options, has agreed to pay 670 million yuan ($97 million) to resolve a probe by China’s regulator into alleged trading rules violations. The Chinese securities regulator launched the five-year investigation in 2015 following a stock plunge that erased nearly $3.9 billion in the mainland metal market.

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Comment: In the USA they are angels. How much did they steal?

Article: Morgan Stanley Places Four Traders on Leave in Wake of FX Probe

Article - Media

Morgan Stanley Places Four Traders on Leave in Wake of FX Probe

Aziz Abdel-Qader

Finance Magnates, 29 November 2019

Morgan Stanley has reportedly dismissed, or placed on leave, four currency traders after being caught out trying to conceal significant trading losses. The move comes amid investigations by the US bank into alleged charges that they exaggerated the performance of the FX options desk.

A Bloomberg report identified two London based traders – Scott Eisner and Rodrigo Jolig – and two senior New York-based colleagues, Thiago Melzer and Mitchell Nadel, who were running emerging-markets desk and macro trading in the Americas.

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Article: Merrill Lynch Pays $36.5 Million to Settle Spoofing Charges

Article - Media

Merrill Lynch Pays $36.5 Million to Settle Spoofing Charges

Aziz Abdel-Qader

Finance Magnates, 26 June 2019

Merrill Lynch Commodities, Inc. (MLCI) has just settled spoofing charges with the Commodity Futures Trading Commission (CFTC) by agreeing to pay a combined $36.5 million. The CFTC action centered on spoofing activity carried out by Bank of America’s global commodities trading business in a scheme that ran from 2008 through 2014 and involved dozens of fraudulent orders that were canceled before execution.

MLCI precious metals traders are accused of working with other traders to rig the purchase and sale of futures contracts on the Chicago Mercantile Exchange and the Chicago Board of Trade.

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