Bank of America-Merrill Lynch, Crédit Agricole, and Credit Suisse have been fined by the European Commission for their alleged involvement in a bond-trading cartel that also included Deutsche Bank, which escaped the fine because it reported the situation to E.U. officials. Late last month, the three banks were fined a total of €28,494,000 ($34,589,360) for… Read More >>
Schroders Takes Majority Stake in Impact Investor
Schroders Invests in BlueOrchard Global asset manager Schroders and BlueOrchard Finance Ltd. have announced that they have entered into an agreement “under which Schroders will acquire a majority stake in leading impact investor BlueOrchard,” officials say. Based in Zurich, Switzerland, BlueOrchard, which is engaged in microfinance and impact investing, was founded in 2001, officials say…. Read More >>
CA & Santander Jolt Custody & Asset Services Market
The custody and asset services market got a jolt with the news that Crédit Agricole S.A. and Santander want to leverage the global presence and scalability of their custody and asset servicing operations by combining them to form a new global competitor. The two firms signed a memorandum of understanding that outlines how they would… Read More >>
HTG Capital Buys Three of Kottke’s Businesses
HTG, Kottke to Form a ‘Strong Team’ HTG Capital Partners, a liquidity provider for listed and over-the-counter (OTC) derivatives instruments, is slated to acquire the introducing broker, money management and proprietary trading businesses of Kottke Associates, creating “a strong team” to take on the futures industry, say officials. HTG and Kottke Associates, which is a… Read More >>
National Futures Association CEO Announces Retirement
NFA Board Searching for Replacement The National Futures Association (NFA) reports that Daniel Roth, its president and CEO, plans to retire “in the coming year.” The NFA’s board has begun a search for his successor. Roth, who has held the presidency and the CEO post since the beginning of 2003, joined the NFA in September… Read More >>
Barclays Proposes ‘Ice Breaker’ $94M Settlement for Euribor Case
Barclays has stepped forward and proposed a potentially trend-setting $94 million settlement with U.S. authorities over the antitrust case brought against it and 10 other banks over allegations they commandeered the European Interbank Offered Rate (Euribor) to their advantage. This proposed settlement for Sullivan et al v Barclays Plc, case number 13-02811, is before Judge… Read More >>
Crédit Agricole to Pay $787 Million for Subsidiaries’ Sanctions Violations
The Crédit Agricole Corporate and Investment Bank (CACIB), a subsidiary of Crédit Agricole S.A. (CASA), is facing a combined payment to U.S. authorities of $787.3 million for violations of sanctions prohibiting U.S. dollar transactions as specified by federal and related New York state laws. In addition, CACIB, headquartered in Paris, has agreed to forfeit $312… Read More >>
