le 16022015 E

Hi all

How to believe people which, ostensibly to get past Muslims, terrorists, moreover, (listened to, when you have the time HASSAN ISSOUQUIEN(prone intelligently , love each and other)), how believe people, that glue, or hinder by link, one supposedly extremist in him asking to open a door (you know the doors light anti, that opens from the inside only(, moreover, he was not ready to open it) and all of this with the Kalashnikov slung in the back and the hands hindered, cela did not prevent a police officer to pull in the back with a gun and all the other cops (commanded), who were there, have emptied their Chargers on him, Super cardboard, Snipers (no comments), and this on the back of the Super kosher market, The next day, in the, by one of his super friends) ,which was part of the even houses that him, then it becomes aware of what they call the brotherhood, you can see for yourself, when, you’re in deum, y a person P-T-N of FRATERNITY, fortunately as in the French army for the ops and others for the op Hawk, manta1, Manta II, and DIEN BIE PHU, they did were not like that After, why, among others I am voting LOGUE, he can speak better than me, him, short talk Christian PROUTEAU, seen as ((in the framework of the case of the Irish of Vincennes, it accumulates judicial problems not to mention political problems because of the change of power at the head of the France. In 2005, he was sentenced to an eight-month suspended prison sentence and a fine of 5,000 euros in the framework of the case of the plays of the Elysée.)) Paris judicial police, Bernard Petit, boss of the judicial police of Paris is indicted. The Prosecutor’s office in the capital announced the new Thursday 5 February2015, I presume , shortly before midnight. Suspected violation of the confidentiality of the investigation, Bernard Petit has more the right to carry out functions of judicial police on judicial review which it is imposed.

AH!To the fact that I tell you earlier, this is not blank, be aware, that video is not my done, that I’ve not made it, I found it, already posted on the net, and dude, he had made it, wondered if it included that it was pure balls, and he was quite rightIt can be reassured, I saw it, we saw, they have seen, we are several million to him seeing them, so you invent anything, not a UNIVERSAL film, produced by G.LUCASFILM, the special effects were a bit deadly, missing more than the popcorn, I puts a touch of humor, but, you know, that we are not ready to forget it.

Denmark

You know, it is all dismantled by what overwhelms you, but. I always have, and I think that I would always have a doubt on the murders, which occurred in PARIS, the town, or I was born , and you, because frankly, there are really, really, too many shadows.

Bondy blog Café

Staging: Nordine Nabili
Guests: Myriam El Khomri

submitted by: Nordine Nabili Fahmy Serag Ozlem Unal Balla Fofana, .Super delivery of black, called, I think BALA,

Super questions, namely vivre(attendre,que l’autre ait fini de parler), super initiative for this show

Enterprising youth, Lentz… what!, then I tell myself, that common sense and tolerance, are very far from being forgotten, when they are not serving, liar, as libé(july&co), I was reading when I was younger, but they listen to their instincts, it is common sense

Laurent louis

Laurent Louis, it is this Belgian elected brave between all who denounced with force and conviction paedophilia in Belgium , as well as the ‘anomalies’ that allowed the classification in disaster of l’affaire Dutroux. His freedom of tone as well as the courage he has shown has earned him opprobrium of the political class and the media that make him allegiance. On June 27, before the Belgian Parliament, Laurent Louis explained and requested that stop unfair and unfounded prosecutions which made the object.

A Committee instructed to charge against him, and its conclusions have not been rejected by the Parliament during the vote which took place just after this request despite the strength of the arguments presented by the honourable Member. How is it that all other parliamentarians – 127 votes – objected to the abandonment proceedings? It is not difficult to understand the importance of the decision of the presiding officer who demanded a roll call vote. Each Member was therefore exposed to reprisals networks or any of its supporters in the case of this bulky character support.

We know that the Internet of Laurent Louis site has been censored, it was the subject of a request for psychiatric examinations… No hassle no has been saved, and especially not of a public lynching extremely painful for the one who is the victim.

MP yet missing arguments as prove it its interventions that are found on the Internet (see for example the links on this page scoop-it). One would therefore expect that some journalists or certain elected officials to follow suit. But no. Belgian institutions, they are political or judicial and media seem petrified by the fear of networks which it fears rightly that they involve characters to the heights of the various hierarchies.

Any attitude of support for the only elected that took its responsibilities are risks that may fear those who have in mind that persons have committed suicide or put away following the Dutroux affair.

The question now is whether the Belgium will recover or capitulate, knowing that the attitude of the ostrich will lead to nothing. Will civil society have more courage or insight? In any case, the white market for Julie and Melissa seems far away!

Who attack in Belgium, are of the same caliber that in France, which attack attacked JEAN MARIE and MARINE, LOGUE, MARION… etc!, the FN for years, only, same, if their attacks are always so despicable, and a bad liver disconcerting, their speech, they have changed it or realizes that the Belgian Government and the French Governments are linked , but people in General and some members in their respective Governments start to this account that lies passing, there are a few tens of years, spend more, simply because I and others, and some members, we visited account me, it took me 30 pins (I understand quickly, but we must explain long) there were rolled in flour,(y en a,qui appellent ça de la farine), short, and that it had all just tired. LAURENT LOUIS, opens the voice of reason, I the already listened to, and honestly it’s a good, I’m not saying this, as for flattery that he wondered, why, they do so much shit, truth, ca dislike in general, but at some point, they will have so much

Head in shit, that they will take what they stop, was a former Minister among us who can talk about it, of the head in shit isn’t it,JACK LANG, « ultra-discreet » hearing. The former Minister of Culture Jack Lang was heard as a witness in November last by the Brigade for the protection of minors of the Parisian police, according to the information of RTL. Maintenance had been carried out the survey on the words of Luc Ferry, who had said on the set of the big newspaper of channel+ a « former Minister » was « pitching in Marrakech in an orgy with little boys ‘ Eh! ogwo, and finally, it is guys, guys? who come tell you how, you need to keep you company» »MDR (lol).

Laurent Louis shows photos of the postmortem on Julie and…

It heats up in Belgium: MP Laurent Louis, who published this list of Belgians involved in paedophile networks and politico-business financial is reviled by the Belgian press as a whole. With the key, the complaint by the father of one of Dutroux’s victims, Julie Lejeune. Then it against attack by publishing the first autopsy report of Julie and melissa, two of the victims of Dutroux.

Media (all lined up in this country) constantly repeat that Laurent Louis exceeds terminals, also according to Belgian media, person not listening. On title ‘the libelous MPs’ here, « Laurent Louis has overstepped the mark » and there… It explains doctemment that it « Goes Nanners », and reflected rumours published on « a dark conspiracy blog ». In fact, the famous list would have been banned from publication in 2000. What will surprise any connoisseur of paedophile networks.

If it weren’t so serious, I’d be folded with laughter!

Because these same media allowed to quietly stifle the Dutroux affair, which failed to explode the country plagued by the policy. These media have only version: Dutroux was an « isolated predator », « there no paedophile networks in Belgium », all this is that « conspiracy theory ».

We would like, but at least to be atrophied brain or just a propagandist dorky, could not be more decently, say that Dutroux was an « isolated predator » today in 2012. Because since the case has been quelled, everyone could read 1,200 pages of the trial record. Everyone was able to see who has been promoted (from the policeman who went twice in the cellar of Dutroux without never see, Mathew and Attorney who has buried the case, until Ministers that allowed the worst shenanigans) and which was destroyed (the few cops and gendarmes who were as far as possible in the verification of the testimonies of the victims (: X 1, X 2, X 3, etc.)

Download note – HSBC Global Asset Management

Athens: The Greece plans to « review » a matter of 1.2 billion euros for the German Fraport airport operator to run 14 regional airports, its Minister of State said television Greek Saturday.

« It (the agreement) has not been sealed, » said Alekos Flabouraris. « We have said it will be stopped and we will review.

Fraport, in partnership with Greek energy firm Copelouzos, agree with the privatisation agency Greek in 2014 to run airports in tourist towns like Corfu.Was one of the largest privatization of Greece since the beginning of its debt crisis.

Rolls-Royce Cup 2015 profit forecast on oil collapse

Saturday, February 14, 2015

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London: British engine manufacturer Rolls-Royce Friday reduced its profit forecasts, blaming tumbling oil prices which have hurt revenues in its marine offshore division.Profit before taxes this year were supposed to be £1.4 billion to £1.55 billion (1.89 billion euros/2.09 billion euros, $2.2 billion / $2.4 billion), Rolls-Royce warned in a statement of results.Pre-tax profit Meanwhile sank eight percent to £1.62 billion in 2014, it added.Net profits however collapsed on sliding defence revenues, adverse currency…

ArcelorMittal beats expectations for 2014, 2015 lowers

Friday, February 13, 2015

PARIS: Top global steelmaker ArcelorMittal beat expectations with an increase of 8.5% to $7.2 billion (€6.3 billion) operating profit year last thanks to a pickup request to the United States, but lowered its revenue forecast.The result, which beat the forecast of $7 billion in EBITDA result the company made in the month of August, but is partly to cut investments in mining activities as the price of iron ore fell.The company reduced its net loss to 1.1 billion from $2.5 billion in 2013. ArcellorMittal was able to partly offset the plunge of 47% in last year iron ore prices by increasing shipments, which rose 6.9 percent to 63.7 million tons.The company, which had been bastonnée by the decline of steel demand in its main markets in Europe and the United States because of the global economic crisis, benefited from a reb
UBS reports profit hike but warns against Swiss franc pressure

Tuesday, February 10, 2015

ZURICH: Banking giant UBS Tuesday, said that its net profit jumped by 12.6 percent last year, but the recent pressures highlighted due to the value of the Swiss franc hot-air balloon and negative interest rates.

In 2014, the first bank Switzerland reported a net profit of 3.57 billion Swiss francs ($ 3.87 billion, EUR 3.41 billion) on operating income up one percent to 28 billion francs.

For the only fourth quarter, net income attributable to shareholders of the company surged by 26% to 963 million Swiss francs, boosted by a tax benefit net 493 million francs from the previous year.

The results beat the expectations of analysts polled by the financial news AWP Agency, which had expected a net profit of 878 million for the last three months of the year.

Looking forward, the Bank however stressed that a recent decision by the Central Bank of Switzerland to allow the Swiss franc to float along side quantitative easing measures in the neighbouring eurozone would cause headaches for the banking sector and financial markets of the country.

The Swiss National Bank suddenly announced in mid-January that after more than three years, he raised a forced maximum 1.20 francs to the euro exchange rate, allowing the Swiss currency soar.

The strengthening of the franc, along the coast recently imposed negative interest rates in Switzerland and in the euro area, « will put pressure on our profitability and, if they persist on some of our targeted performance levels, » said UBS chief Sergio Ermotti and president Axel Weber in the earnings report.

They insisted however that « while it is premature to draw a conclusion on the quarter, we had a good start to the year. »

The UBS Board Meanwhile plans to offer effectively tripling the dividend paid to shareholders, he hike to 0.75 Swiss francs per share.

This amount included a bonus of 0, 25-franc per share promised as part of its change in the legal structure to comply with the new rules imposed on banks considered « too big to fail ».

Following the announcement, the Bank saw its share price fall 2.24% to 15.74 in morning trading Swiss francs, that main index SMI of the values of the stock exchange Switzerland dropped by 0.42%.

HSBC tax leaks: HM Revenue running after the £ 20 million in the accounts of the Jersey-based HSBC

Exclusive: The Bank said that it did not of sufficient evidence of data leakage Jersey for criminal convictions

Thursday, February 12, 2015

About 170 customers with the Jersey-based HSBC accounts have the value that he must pay up to £20 m by UK tax.

Margaret Hodge, the President of the Committee of public accounts for the House of Commons, said at a hearing yesterday that this second flight of Bank data – when taken alongside a much larger of Switzerland – in 2012, has indicated that its use to dodge the tax could be « endemic ».

Upcoming cash requirements come amidst a storm of controversy on the generalization of arms Swiss Bank for alleged tax evasion and potentially the escape.

The existence of the Jersey – a whistleblower leak – came to light in 2012 and immediately triggered an investigation HM Revenue & Customs.

HSBC at the time had three separate units on the island. They have a retail bank dealing with the daily banking needs of the citizens of Jersey; HSBC International, care of British expatriates; and HSBC Private Bank Jersey.

A former member of staff told The Independent that there is no « skeletons in the closet’, dating from before the financial crisis.

Sources HSBC also said that concerns about its activities by in-house staff could in time only make « traced » higher employee’s immediate.This means that they often stuck in the system.

HMRC told The Independent that data leakage Jersey was « incomplete », which would prevent to get enough evidence to obtain convictions against the alleged fraudsters, but that he expected to recover funds nevertheless.

He said: « our assessment of the risk, it is that these data can help us to recover tax 10 m £-£20 m.» The data were incomplete and old. This meant that there was not sufficient information to develop potential criminal investigations. We believe that the data are about 10 years. It also included those who had already declared their offshore accounts through previous campaigns.

« We gave customers the opportunity to voluntarily disclose through the disclosure of Crown dependency mechanism [started in April 2013]. » Each financial institution Jersey was obliged to write directly to each of their clients to tell them about this disclosure facility. We question about 170 which we present the greatest risks. »

News from the Jersey funds could step up the pressure on HSBC on its apparent willingness to help wealthy clients to evade tax.

Patron of HMRC, Lin Homer, face MPs on the Committee of selection yesterday, where she was questioned about how his organization has handled the information provided by the French authorities in 2010.

In the middle of the mounting controversy, HSBC shares slipped by 5.7 to 592,1 p p. Since its $1.5 billion US fine for money laundering, the Bank stopped flag planting and sold to a chain of companies. He maintained that he now puts compliance over profitability and has reformed its processes and operations to reflect the fact that, under the amendments made by the current Chief Executive, Stuart Gulliver.

J.P. Morgan Chase & HSBC money Antitrust Class Action

Girard Gibbs LLP represents investors in a lawsuit against J.P. Morgan Chase & Co. and HSBC, alleging that the banks violated federal antitrust laws by manipulating the price of silver futures and option contracts. Since early 2008, HSBC and J.P. Morgan have built very large short positions in Silver Futures and options on the Commodity Exchange, Inc. (COMEX), with J.P. Morgan, increasing its assets derived silver over 6 billion dollars or 220 million ounces.

The lawsuit alleges that J.P. Morgan and HSBC used a variety of tactics to artificially lower the price of money. The complaint alleges that HSBC and J.P. Morgan is large, coordinated trades, among others, to artificially reduce the price of money at times key where the precious metal must have trade at higher levels. Pressing the prize money, the lawsuit alleges that the defendants of substantial profits illegal while harming investors and against competition in the silver COMEX futures market.

Reports of alleged « Whistleblower » of J.P. Morgan Chase, HSBC Violations Antitrust

According to a recent article in the Wall Street Journal, a trader in London reported handling suspected silver trading by HSBC and J.P. Morgan for the Commodity Futures Trading Commission (CFTC), the US derivatives regulator. In a recent speech, the Commissioner for the CFTC, Bart Chilton, said that the U.S. regulatory agency investigating the issue for more than two years. « I have strongly encouraged the Agency to say something about the issue for months, » said Mr. Chilton. « The public deserves answers to their concerns that money markets are currently and have been, manipulated.  »

Proceedings coordinated multi-district Litigation pending

Class actions have been grouped in a collective of multi-district Litigation (MDL) which is pending before the Honorable Robert P. Patterson in the District of the United States for the Southern District of New York, in Manhattan. The consolidated action seeks damages and other remedies under the Trade Act, 7 U.S.C. § 25 and federal antitrust laws, including the Sherman Act, 15 U.S.C. § 1.

Speak to an Antitrust Attorney

If you want to learn more on the J.P. Morgan Chase & HSBC Silver Antitrust Class Action, please fill out the contact form on the right or call (866) 981-4800 to speak to one of our antitrust lawyers.

Major banks are fined a total of $4.25 billion in the investigation into bid-rigging by currency

November 12, 2014

Members of the financial authority’s conduct during a press conference in London Wednesday, when some of the largest banks of the world have been fined.CreditMatthew Lloyd/Bloomberg News via Getty Images

Update, 21:11 | Traders themselves are called « players » and « the three Musketeers » as they joined forces and exchanged information to ‘double team’ clients to manipulate exchange rates.

« He climbed back in his chair… announcing office… This is why I got the bonus pool, » said a trader at a rival after they had agreed on a rate, earning a profit of $513 000 on trade according to regulatory agencies,.

Citing chat room as these messages rife with typos typing, jargon and vulgarities, the regulatory bodies of the United States, British and Switzerland Wednesday a fine of some of the largest banks of the world a combined $4.25 billion, accusing them of conspiring to manipulate currency markets.

The fines pose no risk to the health of the banks that have settled – UBS , JPMorgan Chase , Citigroup , HSBC and the Royal Bank of Scotland – neither were traders or executives charged with wrongdoing. And yet settlements Wednesday closed only the first chapter of what promises to be a more damaging story for the banks.

The Department of Justice investigation into criminal misconduct by banks and their employees, made a presentation on the issue, an investigation which appeared to heat up this month when lawyers for JPMorgan Chase spoke with prosecutors in Washington to open discussions on the case of people. Citigroup should also have a preliminary meeting with prosecutors in the coming weeks, said the people. And Barclays, which withdrew from the colony on Wednesday at the last minute over concerns that it would solve a fraction of their commitments in the case, has a meeting scheduled for this month.

The currency fix

The authorities suggest that a group of London merchants, known as the « cartel » and the « mafia » may have been illegally dipping into foreign currency trade $5.3 trillion – a day.

Video by Channon Hodge, Aaron Byrd and David Gillen on The Date of publication 11 March 2014 Photo by Aaron Byrd/The New York Times.

While settlement talks are not on the agenda of the day – and any possible penalties, including guilty pleas and heavy fines, are likely to wait until next year – meetings signal a new stage in the investigation. The meetings also allow the EDF and Department of Financial Services in New York, two bodies of rules which was sitting on the agreement on Wednesday, to join meetings and extract their own huge penalties for handling currencies.

The case of the currency is the latest scandal to threaten the integrity of the markets, an epilogue to billions of dollars in payments for abuse in interest rates guides, mortgages and other markets. But with about $5.3 trillion traded every day in the world currency market is the largest and more intertwined all.

Wednesday, the Authority conducted financial of England said that it had reached a settlement a combined 1.1 billion pounds, or more than $1.7 billion, with five banks: UBS Switzerland, HSBC and the Royal Bank of Scotland, England and JPMorgan Chase and Citigroup. The British regulator said it would not any institution other than Barclays on abuse of foreign currency.

« Failures of banks to establish adequate systems and controls are allowing traders to manipulate the fixed rate across the major currencies of the world, » Martin Wheatley, Chief Executive of the British regulatory body, said on Wednesday. « And failures like that, seriously undermine the confidence in the market and undermine attempts to really reform the banking culture. »

« I don’t want to sit here, frankly, in two years or age three with an another press conference with another major flaw in the market. » The industry must get it right and must get it right quickly. »

The Switzerland UBS Bank. British lenders HSBC and the Royal Bank of Scotland; and the American banks JPMorgan Chase and Citigroup.CreditAFP, Getty Images

Many of the banks have already made changes. About 30 traders were suspended or fired as a result of internal investigations. Many of these traders could face individual charges.

In the United States, the Commodity Futures Trading Commission imposed $ 1.4 billion penalty against Citigroup, HSBC, JP Morgan, R.B.S. and UBS. The Office of the Comptroller of the currency fined of Citigroup, JPMorgan and Bank of America a combined $950 million for what he says are « dangerous and unhealthy practices » in their currency exchange companies. And regulators in Switzerland penalized UBS on $138 million.

Financial administration of conduct accused lenders of not having proper controls to prevent misconduct in exchanges of currencies of the Group of 10 nations, while the Commodity Futures Trading Commission accused the traders on the banks trying to manipulate the exchange rate of reference more widely. The transaction with the Board of negotiation is the first action of great application of Act under its new President, Timothy g. Massadand its Director of enforcement of the Act, Aitan d. Goelman.

Many of the banks had reported in recent weeks that a settlement was coming with the money side setting several fines and other charges, or to revise their results for the third quarter to take account of the impact of a possible agreement.

Documents that the British regulators and American published Wednesday offered a rare overview to a brash culture of the unbridled quest for profit in the Forex market.

They show traders forming groups in banks with names like « players », « the three Musketeers », a team, a dream », »cooperative »and » the A-team.  » Using the code names to identify clients, groups share confidential information about clients, including pension funds, large asset management companies and hedge funds.

One document showed a conversation between the three operators – JPMorgan, Citibank and UBS – discuss whether to let a fourth in their group. « He will say rest of office stuff, » asked one merchant, indicating concern over the question of whether the new entrant could be trusted.

Another replied that it was a good question because they did not want « another numpty in mkt whether. »

Another example: the FCA said that a Citigroup trader was able to generate a profit of $99 000 for the company of colluding with other brokers and to engage in a series of transactions over a period of 33 seconds before a daily setting, known as the difficulty for the euro against the U.S. dollar.

The regulatory agency, said the trader manipulated the hotfix 13:15 € $ as determined by the European Central Bank to seek other traders who were planning to trade in the same direction and construction of a large book of orders to influence price, a process called negotiating speaks as « giving you the ammunition » or « construction ».

Citigroup then enjoyed pushing the price higher than the average price fix that he had paid all day for euros in the open market, said the FCA.

In this example, several companies have agreed to transfer their orders to purchase at Citigroup, so that the trader could put in a large series of orders before the fix, according to the British regulatory authority. A trader at another firm also matched its sales orders net with purchase of another operator orders in the chat room, avoiding a conflict with the plans of the trader of ISIC.

The trader said the Citigroup trader in the chat room, « u shud be nice and clear to mangle, » or manipulating the patch.

Bank fines for currency Manipulation, in Millions

November 12, 2014

Five arrested CFTC banks to pay more than $1.4 billion in penalties for attempted Manipulation of currency reference rates

Citibank, HSBC, JP Morgan, RBS and UBS coordinated negotiating with other banks in chat rooms in their attempts to manipulate

Washington, DC- The U.S. Commodity Futures Trading Commission (CFTC) issued five orders for return and settle the charges against Citibank N.A. (Citibank), HSBC Bank plc (HSBC), JPMorgan Chase Bank, N.A. (JP Morgan), The Royal Bank of Scotland plc (RBS) and UBS AG (UBS) (collectively, banks) for attempt of manipulation and for complicity in the attempts of other banks to handle, global foreign exchange (FX) rate to benefit some traders positions.

Orders taken collectively over $1.4 billion in civil penalties, specifically: $310 million each for Citibank and JP Morgan, $290 million each for RBS and UBS and $275 million for HSBC.

Orders also has need for banks to stop further violations and take the specified steps to apply and strengthen their internal controls and procedures, including monitoring of their dealers, in order to ensure the integrity of their participation in the fixing of the reference of foreign currency rates and internal and external communications by traders. The relevant period of conduct varies according to banks, with driving starting for some banks in 2009 and for each bank, until 2012.

Aitan Goelman, Director of Enforcement of the CFTC, said: « the establishment of a reference rate is not merely another opportunity for banks to make a profit. Of countless individuals and companies around the world rely on these rates to adjust financial contracts, and this confidence is based on faith in the fundamental integrity of these benchmarks. The market does that if people have confidence that the process of creating these guides is just, not corrupted by handling some of the largest banks of the world. »

According to the orders, the a reference points main currency traders attempted to manipulate was the world markets/Reuters closing Spot rates (rates WM/R). Tariffs WM/R, the FX reference rate more widely referenced in the United States and the world, are used to establish the relative value of different currencies, which reflect the quoted rates at which one currency is exchanged for another currency. FX reference rate, as rates WM/R, are used for the pricing of swaps of currencies, foreign exchange swaps, cash transactions, forward, options, futures and other derivative financial instruments. The more actively traded currency pairs are the gloom. US Dollar/Japanese Yen dollar and Sterling Sterling / US Dollar.Therefore, the integrity of the WM/R rates and other benchmarks FX is essential to the integrity of the markets in the United States and around the world.

Orders are some Forex traders to banks coordinated their trade with traders at other banks in their attempts to manipulate the FX reference rate, including the 16:00 fix WM/R. private Forex traders on the edge used chat rooms to communicate and plan their attempts to manipulate the FX reference rate. In these chat rooms, Forex traders at banks disclosed confidential order customer information trading posts, altered commercial positions in order to take account of the interests of the Group and put all agree on the strategies of negotiation in an effort by the group to try to manipulate some FX reference rate. These chat rooms are sometimes exclusive and by invitation only. (Examples of coordination cats are attached under related links.)

The orders also find that the banks did not adequately assess the risks associated with their Forex traders participating in the establishment of certain FX reference rate and lacked adequate internal controls to avoid miscommunication by traders. In addition, banks did not have enough of policy, procedures and training specifically governing the participation in the benchmarks trade course FX. and had inadequate policies pertaining to, or a sufficient monitoring of, their Forex traders use lounges for discussion or other electronic messages.

According to the orders, some of this conduct occurred during the same period that the banks were on notice that the CFTC and other regulators were investigating by some banks tries to manipulate the London Interbank Offered Rate (LIBOR) and other criteria of interest rates. The Commission has taken measures of execution against UBS and RBS (among other banks and brokers) in the context of the LIBOR and other marks of interest rates. (See information below).

Orders of recognize the important cooperation of Citibank, HSBC, JP Morgan, RBS and UBS with the CFTC, during the investigation of this case. In the order of UBS, the CFTC also recognized that UBS was the first bank to report the fault to the CFTC.

In other matters, the United Kingdom conduct Financial authority issued a Final notice in relation to the enforcement measures against banks and collective punishment of £1,114,918,000 ($1.7 billion) and the supervisory authority of financial markets (FINMA) issued an order setting the prosecution against and demanding the return of UBS AG.

The CFTC thanks and acknowledges the invaluable assistance of the Department of American Justice, the Federal Bureau of Investigation, the Office of the Comptroller of the currency, Board of Governors of the federal reserve system, the Federal Reserve Bank of New York, the CAF and the FINMA.

The members of the CFTC Division of Enforcement staff responsible for these cases are Robert Howell, Jonathan Huth, Traci Rodriguez, Jennifer Smiley, David Terrell, Melissa Glasbrenner, Heather Johnson, Jordon Grimm, Elizabeth Streit and Gretchen L. Lowe.

HSBC tax leaks: HM Revenue running after the £ 20 million in the accounts of the Jersey-based HSBC

Exclusive: The Bank said that it did not of sufficient evidence of data leakage Jersey for criminal convictions

Thursday, February 12, 2015

About 170 customers with the Jersey-based HSBC accounts have the value that he must pay up to £20 m by UK tax.

Margaret Hodge, the President of the Committee of public accounts for the House of Commons, said at a hearing yesterday that this second flight of Bank data – when taken alongside a much larger of Switzerland – in 2012, has indicated that its use to dodge the tax could be « endemic ».

Upcoming cash requirements come amidst a storm of controversy on the generalization of arms Swiss Bank for alleged tax evasion and potentially the escape.

The existence of the Jersey – a whistleblower leak – came to light in 2012 and immediately triggered an investigation HM Revenue & Customs.

HSBC at the time had three separate units on the island. They have a retail bank dealing with the daily banking needs of the citizens of Jersey; HSBC International, care of British expatriates; and HSBC Private Bank Jersey.

A former member of staff told The Independent that there is no « skeletons in the closet’, dating from before the financial crisis.

Sources HSBC also said that concerns about its activities by in-house staff could in time only make « traced » higher employee’s immediate.This means that they often stuck in the system.

HMRC told The Independent that data leakage Jersey was « incomplete », which would prevent to get enough evidence to obtain convictions against the alleged fraudsters, but that he expected to recover funds nevertheless.

He said: « our assessment of the risk, it is that these data can help us to recover tax 10 m £-£20 m.» The data were incomplete and old. This meant that there was not sufficient information to develop potential criminal investigations. We believe that the data are about 10 years. It also included those who had already declared their offshore accounts through previous campaigns.

« We gave customers the opportunity to voluntarily disclose through the disclosure of Crown dependency mechanism [started in April 2013]. » Each financial institution Jersey was obliged to write directly to each of their clients to tell them about this disclosure facility. We question about 170 which we present the greatest risks. »

News from the Jersey funds could step up the pressure on HSBC on its apparent willingness to help wealthy clients to evade tax.

Patron of HMRC, Lin Homer, face MPs on the Committee of selection yesterday, where she was questioned about how his organization has handled the information provided by the French authorities in 2010.

In the middle of the mounting controversy, HSBC shares slipped by 5.7 to 592,1 p p. Since its $1.5 billion US fine for money laundering, the Bank stopped flag planting and sold to a chain of companies. He maintained that he now puts compliance over profitability and has reformed its processes and operations to reflect the fact that, under the amendments made by the current Chief Executive, Stuart Gulliver.

CAF five fines banks £1.1 billion for the failings of FX and announcement of the industry action program

Posted the: 2014-12-11

The financial authority of lead (CAF) has imposed fines totalling £1,114,918,000 ($ 1.7 billion) on five banks for failing to control commercial practices in their spot trading of foreign exchange (FX) operations G10: Citibank N.A. £225,575,000 ($ 358 million), HSBC Bank Plc £216,363,000 ($ 343 million), JPMorgan Chase Bank N.A. £222,166,000 ($ 352 million), the Royal Bank of Scotland Plc £217,000,000 ($ 344 million) and UBS AG £233,814,000 ($ 371 million) (« banks »).

The G10 FX market is a systemically important financial market. In the heart of the action of today is our conclusion that these banks breaches undermine confidence in the British financial system and its integrity at risk.

With regard to Barclays Bank Plc, us evolve our investigation into this company which will cover its G10 Enterprise trading spot FX and also broader FX business sectors.

In addition to taking enforcement action against and investigate the six companies where we found the worst fault, we are launching a program of remediation of the entire industry to ensure companies are tackling the causes of these failures and increase standards throughout the market. Us will require senior management within companies to take responsibility to provide the necessary changes and must attest that this work has been done.

This adds our monitoring work and broader reforms to income markets, commodities and the fixed currency, which are the subject of the Expo-UK and effective contract review.

Between January 1, 2008 and October 15, 2013, ineffective controls in authorized banks G10 spots Forex traders to interest their banks before those of their clients, other market participants and the wider financial system from UK. The banks did not manage the obvious risks around confidentiality, conflict of interest and business conduct.

These defects allowed traders to these banks to behave in an unacceptable manner. They shared information on the activities of the clients that they had agreed to keep confidential and attempted to manipulate the exchange rate FX spots G10, including collusion with traders at other firms, in a way that could disadvantage clients and the market.

Today fines are the largest ever imposed by the CAF, or its predecessor, the Financial Services Authority (FSA), and this is the first time, the CAF has pursued an arrangement with a group of banks in this way. We have worked closely with other regulatory bodies in the United Kingdom, Europe and the United States: today the regulator FINMA, Switzerland, disgorged CHF 134 million ($ 138 million) UBS AG; and in the United States, the Commodity Futures Trading Commission (« CFTC ») imposed a total financial penalty over $1.4 billion on the banks and the Office of the Comptroller of the currency (the ‘ OCC’) has imposed a total penalty of $700 million on Citibank N.A. and JPMorgan Chase Bank N.A.

Since Libor general improvements have been made throughout the financial services industry, and some corrective action has been taken by banks fined today. However, despite our well publicised action with regard to the Libor and the systemic importance of the spot FX G10 market, banks took no appropriate measures for underlying causes of bankruptcy in this company.

Martin Wheatley, Executive Director of CAF, said:

« The CAF does not tolerate conduct that endangers the integrity of the markets or the broader British financial system. Recording today marks the severity defects that we found and companies must take responsibility to just fines. They must ensure that their traders play not with the system to increase profits, or leave the ethics of their conduct in compliance with worry. Commitment of senior management to change must become a reality in all areas of their activity.

« But this is not just about implementing measures. It is a combination of measures to climb the market in the whole of the industry standards. All companies need to work with us to provide real and lasting change to the culture of the market Hall. This is essential to restore the public’s confidence in financial services and to maintain its position as a strong and competitive financial center of London. »

Tracey McDermott, Director of the CAF from the application of the Act and financial crime, said:

« Companies could be in doubt, especially after the Libor, that have not taken measures to combat the consequences of a free for all culture on their trading floors was unacceptable. This is not to have armies of staff of compliance checking boxes. It comes to understand business, and their conduct, risk management may ask to markets. When problems are identified, we expect companies to deal with those quick, decisive, and effective and to ensure that they apply the lessons within their company. If they fail to do so they will continue to face significant costs of regulatory and reputation. »

Clive Adamson, Director surveillance CAF, said:

« Control measures we are announcing today will help to ensure that genuine cultural change is provided by the industry, and that senior management responsibility to ensure that the highest standards of integrity are working throughout their business operations. »

The FX market

The FX market is one of the most important markets and the most liquid in the world with an average daily turnover of $5.3 trillion, 40% of which takes place in London. The FX market is a wholesale financial market and spot FX marks (also known as the ‘bugs’) are used to establish the relative value of the two currencies. Patches are used by a wide range of financial and non-financial companies, for example to help value assets or manage Exchange rate risk.

CAF survey focused on the currencies of the G10, which are more commonly used and important systemic, and on the WM 16:00 and 13:15 Reuters, European Central Bank fixed.

Findings of CAF

Today’s action shows that we will not conduct that violates the integrity of this crucial market or the wider UK financial system.

We hope that companies to identify, assess and manage the risks posed by their company on the markets where it operates and to preserve the integrity of the market, if these markets are regulated. Well that there is no specific rules governing the FX spot unregulated market, the importance of the management of the risks related to the business of FX spot through effective and controls systems is widely recognized in industry codes.

We found that between January 1, 2008 and October 15, 2013, banks did not exercise adequate and effective control their spot G10 trading FX. By political example were high level and enterprise-wide in nature, there was insufficient training and guidance on how these policies implemented in the company, controlling the conduct of the G10 spot FX operators was insufficient and monitoring was not designed to identify behaviour noted during our investigation.

Good values and culture were not sufficiently integrated into G10 spot business FX banks that resulted in these companies acting in the interest of its own banks without respect for the interests of their clients, other market participants or all of UK financial institutions.

Traders at different banks formed tight knit groups in which the information has been provided on the activity of the client, including using code names to identify clients without naming them. These groups have been described as, for example, « players », « the three Musketeers », « 1 team, 1 dream », « cooperative » and « the A-team ».

Traders share the information obtained through these groups to help them develop their trading strategies. Then, they tried to manipulate the fix rate and trigger orders « stop loss » of clients (which are designed to limit losses that could cope with a client if exposed to adverse changes in currency rates). The traders involved trying to manipulate the rate for the currency concerned on the market, for example, to ensure that the rate at which the Bank had agreed to sell a particular guests currency was higher than the average rate, that he had purchased this motto for the market. If successful, the Bank would benefit.

Companies can legitimately manage risks related to customer orders by trading on the market and can make a profit or a loss as a result. It is totally unacceptable, however, that companies engage in attempts to manipulate for their own benefit and expense of some customers and other stakeholders of the potential market. Our Final Notice from the examples where each bank trade has made a significant profit.

In setting the fine for each store, we considered, among other things: recipes appropriate to the Bank, the seriousness of the violation, the disciplinary record of each Bank and response to broader issues around Libor, the degree of cooperation shown by each Bank and knowledge and/or the involvement of some of those responsible for managing this part of the business of the Bank.

We have also increased the penalty in order to more accurately reflect the seriousness of the risks associated with a market of systemic importance and failure throughout the industry to learn the necessary lessons on the fight against these risks, given similar failures that were raised in the Libor.

The banks agreed to settle at an early stage and therefore qualified for a 30% discount in respect of the reduction of colonization of the CAF plan. Without reduction of the total fine would have amounted to £1,592,740,000 ($ 2.5 billion): Citibank N.A. £322,250,000 ($ 511 million), HSBC Bank Plc £309,090,000 ($ 490 million), JPMorgan Chase Bank N.A. £317,380,000 ($ 503 million), the Royal Bank of Scotland Plc £310,000,000 ($ 492 million) and UBS AG £334,020,000 ($ 530 million).

Our investigation lasted 13 months, involved more than 70 staff performance and cooperation with national and international regulators unprecedented. We welcome the criminal investigation by the Serious Fraud Office people.

To tackle the root causes

It is clear from our findings, there is a widespread practice of poor on the FX market. The FCA sought to take quick enforcement action against the worst offenders, and today announced that it will carry out a sanitation program of sectoral monitoring for companies across the market standards.

CAF is already wider feedback from businesses effectively reduce the risk of traders manipulating benchmarks and ensure that confidential information is not abused and will also look at how companies manage conflicts of interest. We will use our findings to inform the program of rehabilitation as appropriate.

The sanitation programme will require companies to review their systems and controls and policies and procedures related to their activity of FX spot to ensure that they are high enough to manage effectively the risks incurred by the company. Work within each cabinet will depend on several factors, for example, the size of the company and its market share and impact, the repairs already taken and the role of the enterprise on the market.

In some cases, exams will be felt beyond G10 spot FX, and we will require companies to explore all read everywhere in the emerging markets of FX, FX sales, derivatives and structured products referencing rates of foreign exchange and precious metals.

Senior management will be required to attest that measures have been taken and that the systems and controls of companies sufficient manage these risks. This will ensure that there are clear responsibilities and emphasis of the Executive on matters specific to each undertaking where the FCA expects to see change.

CAF played a key role in developing the internationally agreed regulatory standards on the benchmarks, including the work of the international organization of regulators of IOSCO and the financial stability Board. We are actively involved in the development of the European regulation on benchmarks and co-chair the UK Fair and efficient markets review considering broader reforms to income markets, commodities and currency fixed

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