BIG Bust!? Goldman Fined $110 Million For “Improperly” Rigging The FX Market
First Deutsche, then BNP, and now it’s Goldman’s turn to pay the Fed a token fee for making billions in manipulating the FX market from 2008 to 2013.
The Department of Financial Service announced on Tuesday that Goldman had agreed to pay the Federal Reserve $54.75 million, and an identical fine to the New York financial regulator, to settle claims that the bank allowed its foreign exchange traders to wrongly share customer information with traders from other global banks and engage in questionable conduct.
Furthermore, it appears that Goldman was the latest bank to participate in infamous FX rigging “chatoorms” which its traders used to discuss their positions on currency trades away from regulatory scrutiny.