Federal Charges Filed in Price ‘Spoofing’ Inquiry on Wall St.
- 6 years ago
Federal Charges Filed in Price ‘Spoofing’ Inquiry on Wall St.
The Commodity Futures Trading Commission fined three European banks — Deutsche Bank, HSBC
and UBS Group — for improperly influencing the prices of precious metals futures contracts, which traders use to wager on anticipated price changes in these assets.
Federal authorities have filed civil and criminal charges against a group of Wall Street banks and individuals
that they say tried to manipulate markets in gold, silver and certain financial products, including by showing potential customers fake prices.
The actions, filed over the past several days, are part of a yearslong effort by financial regulators and the Department of Justice to stamp out behavior
that gives the biggest banks an advantage over smaller market players.
Deutsche Bank agreed to pay $30 million to settle its case; UBS is paying $15 million and HSBC $1.6 million.
The Commodity Futures Trading Commission fined three European banks — Deutsche Bank, HSBC
and UBS Group — for improperly influencing the prices of precious metals futures contracts, which traders use to wager on anticipated price changes in these assets.
Federal authorities have filed civil and criminal charges against a group of Wall Street banks and individuals
that they say tried to manipulate markets in gold, silver and certain financial products, including by showing potential customers fake prices.
The actions, filed over the past several days, are part of a yearslong effort by financial regulators and the Department of Justice to stamp out behavior
that gives the biggest banks an advantage over smaller market players.
Deutsche Bank agreed to pay $30 million to settle its case; UBS is paying $15 million and HSBC $1.6 million.