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Credit Suisse to pay $135m to settle NY investigation

From BBC - November 13, 2017

Credit Suisse has agreed to pay $135m (103m) after New York regulators found its foreign exchange unit engaged in "unlawful, unsafe and unsound conduct".

The probe found traders at the bank improperly co-ordinated with other banks and traded on confidential customer information.

The agreement is the latest settlement to arise from a global investigation of foreign currency markets.

Credit Suisse said it was pleased "to put this matter behind it".

It did not admit or deny the findings of the investigation, but pledged to overhaul its policies to improve oversight and submit progress reports to New York regulators for review.

The New York Department of Financial Services investigation found the Credit Suisse misconduct occurred from at least 2008 to 2015.

The activities included using software programmed to trade in anticipation of client orders, in a practice called "front-running".

It also sometimes rejected client orders, delaying them to benefit the firm's profits, but attributing it to an "error".

Global investigation

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