While data governance and data quality management concerns are definitely not sexy subjects, securities-trading firms can get into hot water if data-related matters are mismanaged. Take, for example, Citibank, N.A, and the $75 million penalty levied against it by the Office of the Comptroller of the Currency (OCC) and the related civil penalty of $60,625,620… Read More >>
CFTC Fines Citi in Second Swaps Reporting Case
The United States Commodity Futures Trading Commission has settled charges against Citibank, N.A. and Citigroup Global Markets Ltd. — two provisionally registered swap dealers, aka Citi — for allegedly “failing to comply with certain swap dealer requirements,” and for related charges of supervision failures. Specifically, the CFTC charged that those two Citi units did not… Read More >>
Citi Settles ADR Charges with SEC
Citibank N.A. has agreed to pay $38.7 million to settle charges of improper handling of “pre-released” American Depositary Receipts (ADRs), the Securities and Exchange Commission (SEC) reports. ADRs are the U.S. securities that represent foreign shares of a foreign company, and they “require a corresponding number of foreign shares to be held in custody at… Read More >>
Citi Settles Benchmark Manipulation Charges with 42 States
Citibank has settled with 42 states in a major case based on charges of fraudulent conduct via the alleged manipulation of the U.S. Dollar LIBOR benchmark interest rate and will be paying $100 million as part of a recent settlement. The LIBOR benchmark, now overseen by the ICE Benchmark Administration (IBA), helps financial services firms… Read More >>
Citi Settles Swap Data Reporting Violations Case
Citibank, N.A. (CBNA) and Citigroup Global Markets Ltd. (CGML) have settled with the CFTC on charges that they failed to properly report Legal Entity Identifier (LEI) information about swap transactions properly to a swap data repository (SDR). CBNA acts as a swap dealer and has been registered with the CFTC since December 31, 2012 while… Read More >>
Citi Settles FX Cartel Charges with South African Regulator
A regulatory body in South Africa, the Competition Commission, has announced a $5.3 million settlement with Citibank N.A. for the bank’s alleged role in a foreign exchange FX trading cartel Competition Commission report that they have “found that from at least 2007, Citibank N.A. and its competitors had a general agreement to collude on prices… Read More >>
Neptune Project Gets the Support of Citi, Deutsche Bank
Citibank and Deutsche Bank are throwing their weight behind the Neptune open-standard network for bond pre-trade, real-time “axe” indications of interest by joining the network and taking two seats on the Neptune board. The Neptune network offers a venue for dealers to share information with investors on the bonds that may be bought or sold,… Read More >>
Citi to Pay $425M to Settle Benchmark Abuse Cases
Banking giant Citi and some of its key affiliates have agreements with the CFTC to settle the regulator’s investigations into alleged abuses of the London Interbank Offered Rate (Libor), the Euroyen Tokyo Interbank Offered Rate (Euroyen Tibor) and the International Swaps and Derivatives Association Fix (Isdafix) interest rates swaps benchmarks. “Separately, Citi is charged with… Read More >>
U.S. Fights Back Against Iranian Hackers
The threat of cyberattacks was prominent again in the news last week as the Department of Justice via the U.S. Attorney’s Office for the Southern District of New York unsealed grand jury indictments against seven hackers based in Iran charged with running coordinated cyber-attacks on U.S. financial services firms and securities exchanges. In fact, Justice… Read More >>
InfraHedge Founder to Head Barclays Unit
The founder of InfraHedge Ltd. Akshaya Bhargava will become the new chief executive of Barclays’ Wealth and Investment Management group, officials say. Bhargava, who will be joining the bank on October 13, founded InfraHedge in 2010 and later sold it to State Street Corporation at the end of 2013, officials say. Prior to InfraHedge, he… Read More >>
