Wells Fargo To Pay $14.5M In CFTC Swap Standards Action
Law360 (November 8, 2019, 12:01 PM EST) -- Wells Fargo Bank NA must pay nearly $14.5 million to resolve claims that it violated several swap dealer business conduct standards in its foreign exchange swaps, the U.S. Commodity Futures Trading Commission announced Friday.
The regulator alleged Wells Fargo entered into a foreign exchange contract seeking to swap 4 billion U.S. dollars for 4.347 billion Canadian dollars using a weighted average rate to price the transaction, but deficiencies in its systems meant it was unable to calculate the correct weighted average for the trade.
“Rather than calculate the agreed upon weighted average price, Wells Fargo instead picked a rate it believed...
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