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Wednesday, November 12, 2014

CFTC CHAIRMAN'S STATEMENT ON $1.4 BILLION BANK ENFORCEMENT FINE AND SETTLEMENT

FROM:  COMMODITY FUTURES TRADING COMMISSION 
Statement of Chairman Tim Massad on today’s Forex Enforcement Announcement
November 12, 2014

Washington, DC – U.S. Commodity Futures Trading Commission Chairman made the following statement on today’s enforcement action against five banks for attempting to manipulate the foreign exchange benchmark rate. The five banks settled with the CFTC and agreed to pay a $1.4 billion fine, and they will be required to implement policies and procedures to prevent this misconduct going forward.

“Integrity of the market place is a paramount concern to the CFTC, and today’s enforcement action should be seen as a message to all market participants that wrongdoing and foul play in the financial markets is unacceptable and will not be tolerated,” said Chairman Massad. “I want to especially thank the dedicated and hardworking staff of the CFTC’s Enforcement Division, who spent countless hours in order to uncover this egregious behavior and hold those responsible accountable for it.”

Last Updated: November 12, 2014

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