Tag: FX conduct

FX conduct

Australian Regulator Seeks Improvement in Banks’ FX Businesses

The Australian Securities and Investment Commission (ASIC) has published a review of its investigation into practices in the wholesale FX market and says that while it has identified conduct and process improvements in banks’ FX businesses, there remain a number of areas in need of further improvement. Specifically, ASIC says that more can be done […]

DFS Fines Credit Suisse $135 Million Over FX “Unlawful Conduct”

Credit Suisse has agreed to pay a $135 million fine as part of a consent order with the New York State Department of Financial Services (DFS) for violations of New York banking law, including improper efforts with other global banks, front-running client orders, and additional unlawful conduct that disadvantaged customers.
The violations stem from an investigation by DFS that determined that from at least 2008 to 2015, the bank “consistently engaged in unlawful, unsafe and unsound conduct by failing to implement effective controls over its foreign exchange business”.