UBS, Deutsche Bank and HSBC to pay millions in spoofing settlement, CFTC says

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UBS, Deutsche Bank and HSBC to pay millions in spoofing settlement, CFTC says

UBS, Deutsche Bank and HSBC to pay millions in spoofing settlement, CFTC says

  • Deutsche Bank will pay $30 million, UBS $15 million and HSBC $1.6 million to settle civil charges that some of their traders engaged in spoofing in the precious metals market.
  • The CFTC charged six individuals, and the Department of Justice charged eight with crimes related to deceptive trading in a wide-ranging investigation

CNBC-

Until now, an illegal trading technique called “spoofing” has been associated with two-bit commodities outfits and lone wolf traders operating in the shadows of the markets.

But prosecutors revealed on Monday that their investigations have hit the big time.

Deutsche BankUBS and HSBC will collectively pay nearly $47 million to settle civil regulatory charges that some of their traders engaged in spoofing in precious metals. Deutsche Bank will pay $30 million and UBS $15 million of that total in a wide-reaching investigation by the Commodity Futures Trading Commission that also names six individuals. HSBC will pay $1.6 million. All three banks cooperated with the probe.

[CNBC]

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