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CFTC Orders JSC VTB Bank and VTB Capital PLC Jointly to Pay a $5 Million Civil Monetary Penalty for Unlawfully Executing Fictitious and Noncompetitive Block Trades of Russian Ruble/U.S. Dollar Futures Contracts
Washington DC – The U.S. Commodity Futures Trading Commission (CFTC) today issued an Order filing and simultaneously settling charges against banking institutions JSC VTB Bank (VTB), headquartered in St. Petersburg, Russia, and VTB Capital PLC (VTB Capital) for executing fictitious and noncompetitive block trades in Russian Ruble/U.S. Dollar (RUB/USD) futures contracts, which were cleared through the Chicago Mercantile Exchange (CME). VTB Capital, a U.K.-incorporated bank, is 94% owned by a holding company that, in turn, is 100% owned by VTB.
The CFTC’s Order requires VTB and VTB Capital to jointly and severally pay a $5 million civil monetary penalty as a result of their unlawful conduct.
The Order also requires VTB and VTB Capital to comply with certain undertakings, including instituting, updating, and/or strengthening policies and procedures designed to detect, deter, discipline, and correct any potential fictitious or noncompetitive trading on U.S. markets in violation of the Commodity Exchange Act (CEA) and a CFTC Regulation, as charged, and to conduct training addressing the ethics, compliance, and legal requirements with regard to fictitious or noncompetitive trading under the CEA and CFTC Regulations, as charged. Finally, the Order requires VTB and VTB Capital to cease and desist from further violations of the CEA and a CFTC Regulation, as charged.
The Order finds that between December 2010 and June 2013, VTB and VTB Capital executed on the CME over 100 block trades in RUB/USD futures contracts, with a notional value of approximately $36 billion. Furthermore, according to the Order, due to significant capital requirements imposed on over-the-counter (OTC) swap counterparties in transactions with Russian-domiciled VTB, VTB was unable to favorably hedge its Ruble and U.S. Dollar cross-currency risk. These block trades were executed to transfer VTB’s cross-currency risk to its subsidiary, VTB Capital, at prices more favorable than VTB could have obtained from third-parties. VTB Capital would then hedge this cross-currency risk in OTC swaps with various international banks, allowing VTB and VTB Capital to accomplish through risk-free, non-arms-length transactions in the futures market what VTB was unable to accomplish through the swaps market, the Order finds.
http://www.cftc.gov/PressRoom/PressReleases/pr7446-16ВТБ капитал штрафанули на 5 миллионов баксов за нарушения правил торговли рублем. Суммарный объем торгов составил 36 млрд. Правда долларов