Market Manipulation. Search

FX fixing enforcement actions

This library records 11 enforcement actions tagged fx fixing. FX fixing manipulation is trading during the short window used to calculate a daily currency benchmark, using advance knowledge of client orders that must be executed at that fix.

Actions are listed newest first. Each row links to a case page carrying the regulator's own release and, where one was published, the complaint. For how this technique works and what statute it engages, read the fx fixing technique page.

Actions
11
Total penalties
$2.6bn
Median penalty
$800m
Largest
$1.4bn
Criminal parallel
27%
Action Agency Filed Penalty Status
OSC v. Royal Bank of Canada (front running, 2019) OSC 2019-08-26 settled
OSC v. The Toronto-Dominion Bank (benchmark submission rigging, 2019) OSC 2019-08-26 settled
CFTC v. of Attempted Manipulation and False Reporting of Foreign Exchange Benchmark Rates (benchmark submission rigging, 2015) CFTC 2015-05-21 $400m judgment
FCA v. Barclays Bank PLC (benchmark submission rigging, 2015) FCA 2015-05-20 settled
CFTC v. of Manipulation (benchmark submission rigging, 2015) CFTC 2015-04-24 $800m judgment
CFTC v. Five Banks (benchmark submission rigging, 2014) CFTC 2014-11-13 $1.4bn judgment
FCA v. Citibank N.A. (benchmark submission rigging, 2014) FCA 2014-11-11 settled
FCA v. HSBC Bank plc (benchmark submission rigging, 2014) FCA 2014-11-11 settled
FCA v. JPMorgan Chase Bank N.A. (benchmark submission rigging, 2014) FCA 2014-11-11 settled
FCA v. The Royal Bank of Scotland plc (benchmark submission rigging, 2014) FCA 2014-11-11 settled
FCA v. UBS AG (benchmark submission rigging, 2014) FCA 2014-11-11 settled