An investment bank agreed to pay $205 million as part of an agreement with the New York Department of Financial Services to settle claims of "unsafe and unsound" foreign exchange trading practices.
In response to industry feedback, the Global Foreign Exchange Committee will revise the treatment of "last look" trading practices.
Federal Reserve Bank of New York Executive Vice President Simon Potter urged all foreign exchange market participants to adopt the FX Global Code.
The CFTC simultaneously filed and settled charges against two banking institutions for "executing fictitious and noncompetitive block trades in Russian Ruble/U.S. Dollar futures contracts, which were cleared through the Chicago Mercantile Exchange."