Royal Bank of Canada and Toronto-Dominion Bank face allegations
The Ontario Securities Commission has issued a notice of hearing to Royal Bank of Canada and Toronto-Dominion Bank to settle charges of forex trading malpractices.
Financial penalties could run up to $1 million per breach
Stocks impacted: Royal Bank of Canada (RY), Toronto-Dominion Bank (TD)
The two banks face charges relating to allegations that their traders used confidential customer information to gain potential advantage in foreign exchange transactions that took place between 2011 and 2013. Now, Canada’s two biggest banks are attempting to settle new allegations. The representatives of both banks on Friday to seek approval for a negotiated settlement over traders’ behaviour in the market. The terms of the Canadian settlements won’t be released until they are approved. However, such sanctions traditionally involve financial penalties up to $1 million per breach of the Securities Act.
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