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SAP France, filiale de SAP SE, supervise toutes les opérations en France.(Bloomberg) -- Credit Suisse AG will pay $135 million to resolve currency-manipulation allegations by New York’s banking regulator, the latest echo from authorities’ long-running scrutiny of foreign-currency trading at big banks.Traders at the Zurich-based bank, prodded by executives in some cases, shared information about clients’ currency orders, talked to traders from other banks and in some instances front-ran customer orders in an effort to boost the bank’s own profits, New York’s Department of Financial Services said as it announced a settlement on Monday.‘Last Look’ The consent order also describes how the bank used its trading platform’s “last look” function -- a feature that typically lets banks pull out of trades as a defense against sophisticated currency speculators -- to abort legitimate currency trades from regular customers when those trades might go against the bank.When those trades were rejected by the bank, customers were notified only that “An error occurred -- please contact Credit Suisse.” The customers weren’t told that their trades were rejected because they would have been profitable for the bank, according to the New York regulator.It will take a pre-tax charge of about $135 million in its fourth quarter.
While the bank signed off on DFS’s consent order, it neither admitted nor denied wrongdoing.
Trading by Cartel members was also at the core of a 2015 settlement with the U. Justice Department in which six banks pleaded guilty and agreed to pay $5.8 billion.
The New York regulator’s settlement with Credit Suisse grew out of its look into electronic trading platforms at large banks chartered in New York, including Deutsche Bank AG, Societe Generale SA, Goldman Sachs Group Inc. The DFS reached a $485 million settlement with Barclays in late 2015. Credit Suisse, as part of its New York settlement, agreed to hire an outside consultant to review its practices.
Credit Suisse’s traders also shared confidential information about foreign exchange orders placed by a customer of another bank they referred to as “Satan.” By sharing this customer’s orders or positions, they helped the bank’s traders maximize their profits, the DFS said.
Another scheme was described as “building ammo,” which meant that traders at Credit Suisse and other banks agreed to designate one of their own to handle all of the banks’ forex trades around a fixing window.
In early 2012, one executive from the e FX platform wrote that it was a priority to “Improve order front running,” according to the DFS.