OSC approves 101M settlement with TD over currency traders sharing info

TORONTO — A panel at the Ontario Securities Commission has approved a $10.1-million settlement agreement with Toronto-Dominion Bank after the lender’s currency traders shared confidential information in chatrooms to gain a potential advantage in foreign exchange transactions.As part of the settlement, TD Bank will make a voluntary payment of $9,300,900 to the securities regulator and an additional payment of $800,000 to cover the costs of the OSC’s investigation.TD’s internal audit group will also conduct an audit of its compliance with the FX global code, a set of principles for the foreign exchange market.TD Bank agreed as part of the settlement approved today that their currency traders exchanged confidential information, such as the existence of stop loss orders, with traders at other financial institutions over a period between 2011 and 2013.TD also agreed that it did not have a sufficient system of controls and supervision in place in relation to its foreign exchange business during that time.Royal Bank is also seeking a settlement with the OSC in a hearing scheduled later this morning in Toronto. Companies in this story: (TSX:TD)The Canadian Press

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