U.S. Commodity Futures Trading Commission levies $70M on Deutsche Bank Securities Inc as penal

The $70 million penalty is for attempted manipulation of the USD ISDAFIX from January 2007 to May 2012.

The U.S. Commodity Futures Trading Commission stated that it has ordered a filing and settling charges against Deutsche Bank Securities Inc, a unit of Deutsche Bank AG, for attempted manipulation of the ISDAFIX benchmark and requires the firm to pay a $70 million in the civil penalty.

According to the CFTC, from at least January 2007 to May 2012, Deutsche Bank Securities made false reports while attempting to manipulate the U.S. Dollar International Swaps and Derivatives Association Fix (USD ISDAFIX), a global benchmark referenced in a range of interest rate products.

The CFTC further charged Deutsche Bank Securities of doing so in order to derive benefit for its derivatives positions, including positions involving cash-settled options on interest rate swaps.

“We have cooperated extensively with the CFTC’s investigation and have undertaken significant efforts to remediate benchmark-related activities,” said Deutsche Bank in a statement.

Advertisements


Categories: Creativity, Entrepreneurship, HR & Organization, Regulations & Legal, Strategy

Tags: , , , , , , , , , , , ,

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: