Credit Suisse fined $135m for NY forex investigation

Credit Suisse Fined $135 Million by New York Watchdog for Rigging FX Market

Credit Suisse Group (NYSE:CS) is to pay US$135mln to settle an investigation by NY regulators into claims of misconduct in its foreign exchange trading business.

In a statement the bank said: "Credit Suisse does not admit to any findings of fact and the resolution does not involve any fraud-based violations".

The agreement is the latest in a string of global regulatory settlements with big Wall Street banks over forex trading practices.

Apparently, Credit Suisse utilized a range of measures that included chatroom cartels, anti-competitive business practices and software created to automatically swindle the Swiss banks own customers, the "New York Post" wrote in an article on Tuesday.

Rivals including Citigroup Inc, JPMorgan Chase & Co, Barclays PLC, and Royal Bank of Scotland PLC collectively paid $10 billion in 2014 and 2015 to settle probes by USA and European authorities that their forex traders coordinated to cheat clients and boost their own profits.

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The fine comes as the latest in a string of clampdowns by U.S. authorities on the Zurich-based bank since investigations began into various malpractices in the wake of the 2008 financial crisis. In late September, the British bank HSBC agreed to pay $175 million to avoid prosecution.

The DFS said Credit Suisse had insufficient oversight and controls over its FX traders, who allegedly discussed trading positions with competitors, using electronic chatrooms.

The probe is still ongoing in relation to other banks, according to a person familiar with the matter.

NY regulators have accused more than a dozen traders and salespeople working for the Switzerland's second-biggest bank of manipulating the $5.3 trillion a day forex market and other illegal activity over the course of eight years, running up to 2015.

As part of an agreement with regulators, the bank will be required to retain an outside expert for one year to review remedial measures taken to protect against the misconduct.

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