Tag: wash trades

wash trades

CME Fines and Suspends Three for Indirect FX Wash Trades

CME Group has announced sanctions against three traders for indirect wash trades in FX futures on Globex. The three, Adrien Froidure, Pierre Tomatis and Charlotte Sanit-Paul, neither admit nor deny the rule violation, and they were fined $20,000 by CME and banned from direct and indirect access to any designated contract market, derivatives clearing organization, […]

FCA Fines Tullett Prebon for “Ineffective Control” of Brokers

The UK’s Financial Conduct Authority (FCA) has fined Tullett Prebon, now part of TP Icap, GBP 15.4 million for “failing to conduct its business with due skill, care and diligence, failing to have adequate risk management systems and for failing to be open and cooperative with the FCA”. In spite of the latter statement, because […]

BNP Pleads Guilty to US FX Charge

BNP Paribas USA has pleaded guilty to participating in a price-fixing conspiracy in the FX market, the US Justice Department (DoJ) has announced.
According to the one-count information filed last week in the US District Court for the Southern District of New York, between September 2011 and July 2013, BNP conspired to suppress and eliminate competition by fixing prices in Central and Eastern European, Middle Eastern and African (CEEMEA) currencies, in violation of the Sherman Act, 15 U.S.C. § 1.