HALISTER: Fed Fines Deutsche Bank $157 Million Over FX, Volcker Compliance

Fed Fines Deutsche Bank $157 Million Over FX, Volcker Compliance

(Bloomberg) -- Federal Reserve levies fines against Deutsche Bank AG for failures in Volcker Rule compliance and unsafe practices in foreign exchange market, agency says in statement Thursday.
  • Fed fines company $136.9 million in FX action, $19.7 million in separate Volcker sanction
  • Fed finds “gaps” in bank’s Volcker compliance; says it failed to do required analysis of market-making activities
  • In FX trades, “The firm failed to detect and address that its traders used electronic chatrooms to communicate with competitors about their trading positions,” Fed says
  • Fed requires lender to cooperate in investigation of individuals involved in conduct related to FX enforcement action

Alert: HALISTER
Source: BFW (Bloomberg First Word)

Tickers
DBK GR (Deutsche Bank AG)

Topics
First Word DC - Foreign Policy

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