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Deutsche Bank Fined $70 Million for USD Swaps Manipulation


Deutsche Bank Fined $70 Million for USD Swaps Manipulation

The United States Commodity Futures Trading Commission (CFTC) have fined Deutsche Bank Securities $70 million in civil penalty for manipulating USD interest rate swaps. Deutsche Bank Securities had through its traders, manipulated the leading USD global benchmark referenced in a range of interest rate products, to benefit its derivatives positions, including positions involving cash-settled options on interest rate swaps.

” Deutsche Bank Securities Settles USD Swaps Charges with $70 Million “

Between 2007 to 2012, Deutsche Bank Securities had manipulated the USD ISDAFIX (U.S. Dollar International Swaps and Derivatives Association Fix) by bidding, offering, and executing transactions in targeted interest rate products, including swap spreads and U.S. Treasuries at or near the critical 11:00 a.m. fixing time.  The actions will affect the rates, increasing or decreasing the Swaps Broker’s reference rates and influence the final published USD ISDAFIX.

In issuing the order filing and settling charges, the CFTC has agreed to the settlement offer of $70 million by Deutsche Bank Securities taking into account the German bank had cooperated fully with the investigations, and had taken steps to implement and strengthen its internal controls and procedures.

Source: Official Press Release






About Deutsche Bank

Deutsche Bank is a leading global investment bank with a strong and profitable private clients franchise. A leader in Germany and Europe, the Bank is continuously growing in North America, Asia and key emerging markets. With more than 78,000 employees in over 70 countries worldwide, Deutsche Bank offers unparalleled financial services throughout the world. The Bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.

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