The US Commodity Futures Trading Commission (CFTC) has closed its investigation into Deutsche Bank’s FX business, the bank revealed in its Q3 results today.
In May 2015, a number of major banks were fined more than $5.8 billion for practices relating to alleged collusion and manipulation of the spot FX market around the 4pm London Fix, by a number of regulatory authorities, including the CFTC.
Deutsche was not one of the firms named in those settlements, but remained under investigation by the CFTC for its FX market practices.
The Australian Competition and Consumer Commission (ACCC) has commenced legal proceedings on a consent basis against ANZ and Macquarie Bank in relation to alleged attempts to engage in cartel conduct in FX markets.
The ACCC says that following cooperation by ANZ and Macquarie, the parties have agreed that a Macquarie trader and multiple traders within ANZ engaged in a private chatroom to discuss daily submissions to be made to the Association of Banks in Singapore (ABS) in relation to the benchmark rate for the Malaysian ringgit fixing rate.
The Australian Financial Markets Association (AFMA) has announced that it will transfer administration of the BBSW (bank bill swap rate) benchmark rate to ASX. It is the intention of both parties that ASX will administer BBSW from 1 January 2017.
AFMA says ASX was selected following a “highly competitive process” that Profit & Loss understands included Ice Benchmark and Thomson Reuters, which began in July 2016 with a public invitation for interested parties to register their interest as a potential alternate benchmark administrator for the rate setting.