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South Korea fines Deutsche Bank, BNP Paribas $157,000 over FX forwards rigging

May 16, 2017 SEOUL (Reuters) – South Korea’s anti-trust regulator fined Deutsche Bank AG and BNP Paribas a total of 176 million won ($157,000) after it found that their branches had colluded during currency forwards auctions. South Korea’s Fair Trade Commission said on Tuesday that the two banks had made illegal profits from 2011 April through 2014 November by colluding on prices of bids so that they can take turns to win forward currency contracts from companies trying to buy currency derivatives for hedging purposes. The regulator said in a…

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South Korea fines Deutsche Bank, BNP Paribas $157,000 over FX forwards rigging

May 16, 2017 SEOUL (Reuters) – South Korea’s anti-trust regulator fined Deutsche Bank AG and BNP Paribas a total of 176 million won ($157,000) after it found that their branches had colluded during currency forwards auctions. South Korea’s Fair Trade Commission said on Tuesday that the two banks had made illegal profits from 2011 April through 2014 November by colluding on prices of bids so that they can take turns to win forward currency contracts from companies trying to buy currency derivatives for hedging purposes. The regulator said in a…

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South Korea fines Deutsche Bank, BNP Paribas $157,000 over FX forwards rigging

May 16, 2017 SEOUL (Reuters) – South Korea’s anti-trust regulator fined Deutsche Bank AG and BNP Paribas a total of 176 million won ($157,000) after it found that their branches had colluded during currency forwards auctions. South Korea’s Fair Trade Commission said on Tuesday that the two banks had made illegal profits from 2011 April through 2014 November by colluding on prices of bids so that they can take turns to win forward currency contracts from companies trying to buy currency derivatives for hedging purposes. The regulator said in a…

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