Canada’s two biggest banks, Royal Bank of Canada and Toronto-Dominion Bank, have agreed to pay almost $23 million in total to settle allegations that their traders used confidential customer information to gain a potential advantage in foreign exchange transactions that took place between 2011 and 2013.
Staff of the Ontario Securities Commission had alleged the banks failed to have sufficient supervision and controls in their foreign exchange trading business, which allowed the inappropriate sharing of confidential customer information by foreign exchange traders with traders at competing firms in electronic “chat rooms.”
As a result, for more than three years, “traders were free to engage in self-serving behaviour that put the banks’ economic interests ahead of their customers, other market participants and the integrity of the capital markets,” he said.
No comments:
Post a Comment