New York state regulator fines Credit Suisse $135 million over forex practices

Credit Suisse Group AG (CSGN.S) on Monday agreed to pay $135 million to New York to resolve a probe of misconduct in its foreign exchange business, which the state’s banking regulator said deceived customers to enhance its own profits.

Credit Suisse traders improperly shared information to manipulate currency prices and benchmark rates, and took advantage of its electronic trading platform to trade ahead of known client orders, the New York State Department of Financial Services said.

Switzerland’s second-biggest bank engaged in “unsound conduct” from at least 2008 to 2015 by failing to control its foreign exchange business, the regulator said.

Credit Suisse said it was “pleased to have reached a settlement with the DFS that allows the bank to put this matter behind it,” and said it did not admit to any findings.

Source: Reuters

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