Credit Suisse scandals prompt Switzerland to think unthinkable: punish bankers
John O’Donnell and Brenna Neghaiwi, Reuters, 28 May 2021
Exasperation with Credit Suisse following a string of scandals is prompting Switzerland to rethink a system in which top bankers have been largely untouchable.
Credit Suisse’s heavy losses from the collapse of family office Archegos and the decimation of billions of client investments backed by insolvent British financier Greensill have angered regulators and triggered a rare discussion among lawmakers about fining bankers.
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Six former UBS forex staff banned by Swiss watchdog
Silke Koltrowitz, Steve Slater, Kirstin Ridley, 17 December 2015
Six former UBS managers and traders have been banned for up to five years for alleged manipulation of foreign exchange and precious metals markets in the first sanctions handed out by authorities in a global investigation. Continue reading “Article: Six former UBS forex staff banned by Swiss watchdog”
Regulators fine global banks $4.3 billion in currency investigation
Kirstin Ridley, Joshua Franklin, Aruna Viswanatha, 12 November 2014
Regulators fined six major banks a total of $4.3 billion for failing to stop traders from trying to manipulate the foreign exchange market, following a yearlong global investigation.
HSBC Holdings Plc, Royal Bank of Scotland Group Plc, JPMorgan Chase & Co, Citigroup Inc, UBS AG and Bank of America Corp all faced penalties resulting from the inquiry, which has put the largely unregulated $5-trillion-a-day market on a tighter leash, accelerated the push to automate trading and ensnared the Bank of England.
Authorities accused dealers of sharing confidential information about client orders and coordinating trades to boost their own profits. The foreign exchange benchmark they allegedly manipulated is used by asset managers and corporate treasurers to value their holdings.
Dealers used code names to identify clients without naming them and swapped information in online chatrooms with pseudonyms such as “the players”, “the 3 musketeers” and “1 team, 1 dream.” Those who were not involved were belittled, and traders used obscene language to congratulate themselves on quick profits made from their scams, authorities said.
Wednesday’s fines bring total penalties for benchmark manipulation to more than $10 billion over two years. Britain’s Financial Conduct Authority levied the biggest penalty in the history of the City of London, $1.77 billion, against five of the lenders.
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Six banks fined £2.6bn by regulators over forex failings
BBC NEws , 12 November 2014
Six banks have been collectively fined £2.6bn by UK and US regulators over their traders’ attempted manipulation of foreign exchange rates. HSBC, Royal Bank of Scotland, Swiss bank UBS and US banks JP Morgan Chase, Citibank and Bank of America have all been fined.
A separate probe into Barclays is continuing. The fines were issued by the UK’s Financial Conduct Authority (FCA) and two US regulators.
The country’s Commodity Futures Trading Commission (CFTC) issued fines of $1.4bn to five banks, while the Office of the Comptroller of the Currency (OCC) added $950m in further fines to three lenders. Separately, the Swiss regulator, FINMA, has penalised UBS 134m Swiss francs.
Barclays, which had been expected to announce a similar deal to the other banks, said it would not be settling at this time.
“After discussions with other regulators and authorities, we have concluded that it is in the interests of the company to seek a more general coordinated settlement,” it said in a statement.
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