OCC Fines Raise Bank FX-Rigging Penalty to $4.3B

OCC Fines Raise Bank FX-Rigging Penalty to $4.3B

Assessment

Interactive Video

Business

University

Hard

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The video discusses the fines imposed by the Office of the Comptroller of the Currency on major banks like Citigroup, Bank of America, and JP Morgan for failing to prevent foreign exchange manipulation. It highlights Bloomberg's investigative reporting that exposed currency rigging, leading to significant fines from global regulators. The video also examines chat logs revealing traders' collusion and the largely unregulated nature of the FX market. It emphasizes the need for better supervision and the consequences of industry norms that allowed such practices.

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7 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which regulatory body imposed a $350 million fine on Citigroup?

Financial Conduct Authority

Office of the Comptroller of the Currency

Commodities Futures Trading Commission

Federal Reserve

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Who played a crucial role in uncovering the currency rigging scandal?

The Federal Reserve

The Department of Justice

Bloomberg News

The Serious Fraud Office

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What was one of the main infractions committed by the traders?

Money laundering

Sharing confidential client information

Tax evasion

Insider trading

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a significant challenge in regulating the FX market?

Limited market participants

Complex financial instruments

High transaction costs

Lack of a central regulatory body

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What could be a potential outcome for individual traders involved in the scandal?

Public recognition

Increased bonuses

Criminal charges

Promotion within their banks

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What term is used to describe the banks' failure to monitor their employees?

Breach of contract

Regulatory oversight

Failure to supervise

Negligence

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which organization has not yet announced its penalties related to the scandal?

Federal Reserve

Office of the Comptroller of the Currency

Commodities Futures Trading Commission

Financial Conduct Authority