For example, the OSC cited comments in a multi-dealer chatroom by a London-based TD FX trader who said "profit is profit" and "no-one ever got fired for making cash." To another currency trader at another large Canadian bank, the same TD trader commented "u should be over 2 bucks up on my ideas and info this year" to another trader at a large Canadian bank.In response to the comment, "mate the only reason you're up this year is cause of my info," an RBC trader replied "i agree ur tips hav been hot this year" the OSC wrote, as part of its agreed facts with RBC.
Still, TD and RBC "failed to meet the high standards of conduct expected of a market participant, which potentially put its customers at risk," said OSC's vice chair Grant Vingoe during both hearings.Attention: This site does not support the current version of your web browser.You can set content restrictions based on the content’s recommended age.As well, internal audit groups at both banks will conduct audits of their compliance with the FX Global Code, a set of principles for the foreign exchange market."These are serious failings by two of the biggest, most sophisticated and well-resourced financial institutions in Canada," said the OSC's director of enforcement Jeff Kehoe in a statement Friday.With the Ask a parent option, Xbox One enables the parent to control what the child purchases from the Microsoft Store.
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RBC's payment was calculated with a similar methodology, but the lender received a 12 per cent discount for its co-operation.
Vingoe said Friday that both banks complied with the regulator's probe, but noted that TD's co-operation was "exemplary." The factors in the OSC's decision to approve these settlements included efforts by both TD and RBC to improve their compliance and procedures, Vingoe said.
The banks agreed as part of the settlements 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 20.