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Deutsche Bank Fires 3 Traders Over Alleged Currency Manipulation | HuffPost
Exclusive: Deutsche Bank fires Argentine trader in wake of FX probe: source | Reuters
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The New York FX Traders include Diego Moraiz, Robert Wallden and Christopher Fahy who were said to be terminated by the bank yesterday, according to sources familiar with the development. The bank has been cited as previously putting one of the traders on suspension. Forex Magnates was unable to confirm with a company spokesperson as such matters are neither confirmed nor denied with regards to staff employment status. The Bank is cooperating with those investigations, and will take disciplinary action with regards to individuals if merited.
Federal Bureau of Investigation FBI was said to have confronted Wallden, age 29, a director in the Forex trading unit at DB, at his residence with copies of an online chat transcript where it seemed he had boasted about trying to manipulate FX rates, according to reports from The Wall Street Journal in November.
Banks appear to have been distancing themselves to any staff that may have been involved in alleged wrongdoing, with a vote from the EU parliament yesterday aimed to upgrade the harshness of reprimand against market manipulation and insider trading violations, by instituting a minimum 4-year prison sentence under criminal charges. This would change the current structure where such violations are considered a civil matter, punishable by monetary penalties and restitution with regards to the European Union , and still requires approval by the council of ministers before a month period for the changes to be implemented on the state member level.
In the US, the CFTC pursues both criminal and civil cases brought to federal district courts, carrying either such consequences for certain statutory violations, similarly. Numerous other regulators are involved, with multilateral reach under an IOSCO memorandum that allows cross-border regulatory cooperation to aid in the international scope of the Forex probe underway. The FCA noted that it was unlikely to conclude the complex investigation anytime during , and how it was still too early to bring any cases.
The news follows after the bank had banned certain online chat communications , after the attention of the FX investigations focused on nefarious online chat cartels that allegedly colluded on FX market manipulation. Deutsche Bank has reported challenging conditions for its Q4 after it released preliminary figures in January, as covered by Forex Magnates, and is expected to report full year audited results for in its annual report on March 20th, Finance Magnates is a global B2B provider of multi-asset trading news, research and events with special focus on electronic trading, banking, and investing.
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Summits Expos Become a sponsor. Deutsche Bank Fires 3 NY-Based Traders Amid Global Forex Probe of Rate Manipulation The FX dealer has reportedly fired three New York-Based traders including Diego Moraiz, Robert Wallden and Christopher Fahy, reported Reuters.
Deutsche Bank Overcoming Challenging Q4 The news follows after the bank had banned certain online chat communications , after the attention of the FX investigations focused on nefarious online chat cartels that allegedly colluded on FX market manipulation. Related articles HSBC Confirms Two Forex Traders in U.
Deutsche Bank Is Said to Fire 3 Currency Traders in New York - The New York Times
Suspended After Internal Investigation Major Banks Face Another Class Action Lawsuit Alleging FX Rates Manipulation. Got a news tip?
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