Cartel
A cartel is a group coordinating to control a market. In the benchmark cases the traders' own chat rooms carried names of that flavour, which prosecutors used to establish the coordination directly.
Where does cartel come up?
This term is used in the following manipulation techniques, each explained in full on its own page.
Enforcement actions involving these techniques
| Action | Agency | Filed | Technique | Penalty | Status |
|---|---|---|---|---|---|
| OSC v. Royal Bank of Canada (front running, 2019) | OSC | 2019-08-26 | Front Running , FX Fixing +3 | — | settled |
| OSC v. The Toronto-Dominion Bank (benchmark submission rigging, 2019) | OSC | 2019-08-26 | Benchmark Submission Rigging , Front Running +3 | — | settled |
| CFTC v. of Attempted Manipulation and False Reporting of Foreign Exchange Benchmark Rates (benchmark submission rigging, 2015) | CFTC | 2015-05-21 | Benchmark Submission Rigging , FX Fixing +1 | $400m | judgment |
| FCA v. Barclays Bank PLC (benchmark submission rigging, 2015) | FCA | 2015-05-20 | Benchmark Submission Rigging , FX Fixing | — | settled |
| CFTC v. of Manipulation (benchmark submission rigging, 2015) | CFTC | 2015-04-24 | Benchmark Submission Rigging , FX Fixing +1 | $800m | judgment |