18 December 2017
visit www.ebaday.com

Deutsche Bank bans chat rooms as Europe takes banks to task over rate rigging

04 December 2013  |  5561 views  |  0 Deutsche bank Head office Flag banner 1

On the day it was fined EUR725 million by the EU for rate rigging, Deutsche Bank has confirmed that it has banned traders from using chat rooms, which have proved a fruitful hunting ground for regulators sniffing out market manipulation.

The German giant confirmed to Reuters that it stopped multi-party chatrooms for foreign exchange staff in the first quarter and extended the ban to other parts of the fixed income business this week. Last week UBS sent a memo to traders telling them to stop using chat rooms, while Barclays, RBS and Citigroup are all also reported to have taken similar steps in recent months.

Logs of chats between traders on Bloomberg terminals and Thomson Reuters desktops have formed a central plank of investigations into the Libor fixing scandal and the latest allegations of foreign exchange rates manipulation.

Today the EU fined a group of six banks a record EUR1.7 billion for participating in cartels to rig global interest rate benchmarks. Deutsche Bank took the biggest hit, fined a total of EUR725 million, while Societe Generale will pay EUR446 million, RBS EUR391 million, and JPMorgan Chase EUR80 million. Barclays and UBS escaped massive fines because they blew the whistle on the cartel.

Joaquín Almunia, Commission VP in charge of competition policy, says: "What is shocking about the Libor and Euribor scandals is not only the manipulation of benchmarks, which is being tackled by financial regulators worldwide, but also the collusion between banks who are supposed to be competing with each other."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

UBS bans chat rooms

UBS bans chat rooms

28 November 2013  |  5916 views  |  5 comments | 9 tweets | 1 linkedin
Barclays, RBS and Citi ban traders from chat rooms - FT

Barclays, RBS and Citi ban traders from chat rooms - FT

22 November 2013  |  5483 views  |  1 comments | 2 tweets | 2 linkedin
Deutsche Bank names Kim Hammonds CIO

Deutsche Bank names Kim Hammonds CIO

11 November 2013  |  6884 views  |  0 comments | 4 tweets | 3 linkedin
Barclays COO who quit over Libor scandal gets £8.75m pay-off

Barclays COO who quit over Libor scandal gets £8.75m pay-off

26 July 2012  |  6448 views  |  0 comments

Related company news

 

Related company information

JPMorgan Chase

Related blogs

Create a blog about this story (membership required)
visit www.aciworldwide.comvisit www.ebaday.comvisit www.atos.net

Top topics

Most viewed Most shared
satelliteRipple completes XRP Lockup
11127 views comments | 3 tweets | 2 linkedin
Banks tap Ethereum smart contracts for MiFID II complianceBanks tap Ethereum smart contracts for MiF...
9633 views comments | 19 tweets | 21 linkedin
Banks and fintech startups join forces on blockchain-based supply chain pilotBanks and fintech startups join forces on...
7673 views comments | 19 tweets | 22 linkedin
Nordea takes Open APIs into live productionNordea takes Open APIs into live productio...
7247 views comments | 6 tweets | 26 linkedin
Digital banking startup Loot secures £2.2 million seed roundDigital banking startup Loot secures £...
7163 views comments | 5 tweets | 11 linkedin

Featured job

Competitive base, double ote, benefits
London, UK

Find your next job