The U.S. authorities settled the cases of UBS, Deutsche Bank and HSBC for having manipulated the futures market in its so-called «spoofing» probe. For some of their bankers, this won’t be the end of the story though.
Rumors about an impending end of the investigation into the manipulation of the U.S. derivatives market by UBS, Deutsche Bank and HSBC had circulated over the weekend – now it is official: CFTC, the derivatives market authority issued its statement on the case, according to a report by «Reuters».
UBS agreed to pay a fine of $15 million, Deutsche will pay $30 million and HSBC $1.6 million.
Individuals Charged
CFTC said the banks manipulated the pricing of the U.S. futures market through so-called «spoofing», whereby a market participant is placing bids to buy a futures contract with the intent to stop it before its execution.
The U.S. also filed charges against eight bankers involved in the case. One of the individuals is a Swiss citizen living in New Jersey. He used to work for UBS as a precious metals trader, «Reuters» said.