"… CFTC today issued an Order filing and simultaneously settling charges against banking institutions JSC VTB Bank (VTB)… 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 statement reads.
US CFTC Accuses Russia's VTB Group of Fictitious Deals
22:29 GMT 19.09.2016 (Updated: 11:15 GMT 06.08.2022)
© Photo : VTBVTB Bank
© Photo : VTB
CFTC accused Russia's banking institutions VTB Bank and VTB Capital of executing fictitious futures contracts on the US financial market.
22 January 2016, 15:12 GMT
WASHINGTON (Sputnik) — The US Commodity Futures Trading Commission (CFTC) has accused Russia's banking institutions VTB Bank and VTB Capital of executing fictitious futures contracts on the US financial market and demanded to pay $5 million as a civil monetary penalty, CFTC said in a statement on Monday.