U.S. Plans to Make Arrests, Levy Fines in Futures Spoofing Cases
- Three banks will pay almost $50 million to settle CFTC case
- Government charges eight over futures-markets manipulation
A worker walks across a bridge inside a UBS Group AG office building in Zurich, Switzerland, on Thursday, July 6, 2017.
Photographer: Michele Limina/BloombergThis article is for subscribers only.
Deutsche Bank AG, HSBC Holdings Plc and UBS Group AG agreed to pay about $50 million to settle civil claims of manipulating futures markets. Eight individuals were also charged for their alleged roles.
The banks settled claims from the Commodity Futures Trading Commission that the firms’ traders engaged in spoofing techniques to manipulate prices of precious-metals futures. Deutsche Bank agreed to pay $30 million; UBS, $15 million; and HSBC, $1.6 million. The banks didn’t admit or deny wrongdoing.