Tag Archive for Market Manipulation

Wall Street Regulator Says Complaints About Market Manipulation and “Suspicious Trading” Significantly Increased This Year

A Wall Street regulator said industry complaints about market manipulation and trade reporting have spiked this year, raising questions about the adequacy of banks’ internal controls over their traders. Gene DeMaio, of Financial Industry Regulatory Authority (FINRA), said on Wednesday that his group is still investigating these complaints. On Thursday, UBS AG said a rogue trader, who was later charged in London with fraud, will cost it $2 billion in the third quarter. The loss highlights the extent to which some banks still cannot police their traders. FINRA has received complaints this year about banks’ audit systems, canceled orders, and brokers misrepresenting whether orders were on behalf of customers, DeMaio said.

International Monetary Fund to sell over 403 tons of gold

The International Monetary Fund said its executive board endorsed the sale of 403 tons of gold, worth an estimated 13 billion dollars, to boost its lending capacity to poor countries. The IMF said in a statement the sales would be “in a volume strictly limited to 403.3 metric tons, with these sales to be conducted under modalities that safeguard against disruption of the gold market.”