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Bank of America to pay $30 million ‘manipulation’ penalty: CFTC

Posted by: Admin | Posted on: September 19th, 2018 | 0 Comments

WASHINGTON (Reuters) – U.S. regulators ordered Bank of America (BAC.N) on Wednesday to pay a $30 million civil penalty for what it called attempted manipulation of the swaps and derivatives benchmark.

The Commodity Futures Trading Commission said in a statement that Bank of America from January 2007 through December 2012 made false reports and attempted to manipulate the U.S. Dollar International Swaps and Derivatives Association Fix (USD ISDAFIX), a leading global benchmark.

Bank of America spokesman Bill Halldin said the bank has “significantly enhanced” the procedures it uses to detect inappropriate behavior.

The settlement is one of several the CFTC has reached with other banks on similar matters.

Reporting by Doina Chiacu; editing by Paul Simao and Tom Brown

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