Deutsche Bank's Record Fine Reveals Its Rotten Heart

From Forbes –

“Deutsche Bank has been issued with the largest fine of any bank for rigging international bank offer rates – what the UK’s Financial Conduct Authority (FCA) calls “IBORs”. There are several of these rates: the best-known is Libor – “London Inter-Bank Offer Rate” – but there are also the EU’s Euribor, China’s Shibor and Japan’s Tibor. Deutsche Bank’s fine is specifically for the manipulation of Libor and Euribor.”

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Merrill Lynch fined $20 million by UK regulator for reporting failures

From Reuters -

“Britain's markets regulator has fined Bank of America Merrill Lynch a record 13.2 million pounds ($20 million) for failing to report transactions properly over seven years.

The Financial Conduct Authority (FCA) said on Wednesday that Bank of America's Merrill Lynch International arm incorrectly reported 35 million transactions and failed to report another 121,387 transactions between November 2007 and November 2014.

Accurate and timely reporting of transactions was crucial for spotting insider trading and market manipulation, the FCA said.

The record fine for reporting failures reflected the severity of the misconduct and a failure to adequately address the root causes over several years despite substantial guidance from the regulator and a poor history of transaction reporting compliance, it added.”

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The hapless ways that foreign banks have tried to skirt US sanctions

From Quartz –

“The banter and slang used by traders can make it hard for outsiders to tell what they are doing, much less whether they’re up to no good. But there are telltale patterns and keywords that signal trouble—and systems that can sift through chat logs and transaction records looking for them.

Some of the more colorful expressions unearthed in recent investigations (for example, “Betty on the mumble,” where a betty is short for the British pound) come from investigations into market manipulation. But rigging the markets for interest rates, foreign exchange, and commodities, to name a few, is only one type of misdeed that have landed big banks in legal hot water of late. ‘

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What we are reading … 14th March 2013

Android accounts for most mobile malware, says F-Secure http://dld.bz/cpxBX

Retailer sues Visa over data breach penalties http://www.finextra.com/News/FullStory.aspx?newsitemid=24623

GoPago Sees History Repeating With mPayments Revolution http://dld.bz/cpxBW

UK govt rejects calls to tighten banking leverage rules http://dld.bz/cpT27

How to Manage Your Project Priorities http://shar.es/enmkO

JPMorgan Chase Suffers Online Banking Outage, Confirms Cyberattack http://dld.bz/cpT26

Why Basel III Matters http://dld.bz/cpxBV

What businesses can expect to see with Google Glass http://dld.bz/cpxBT

FNB's digital boom http://businesstech.co.za/news/banking/32902/fnbs-digital-boom/

Do Banks Need Intelligence Officers? http://shar.es/jLOZM