This website collects cookies to deliver better user experience. Cookie Policy
Accept
Sign In
The Wall Street Publication
  • Home
  • Trending
  • U.S
  • World
  • Politics
  • Business
    • Business
    • Economy
    • Real Estate
    • Markets
    • Personal Finance
  • Tech
  • Lifestyle
    • Lifestyle
    • Style
    • Arts
  • Health
  • Sports
  • Entertainment
Reading: Deutsche Bank Fined for Weak Controls on Rate Data
Share
The Wall Street PublicationThe Wall Street Publication
Font ResizerAa
Search
  • Home
  • Trending
  • U.S
  • World
  • Politics
  • Business
    • Business
    • Economy
    • Real Estate
    • Markets
    • Personal Finance
  • Tech
  • Lifestyle
    • Lifestyle
    • Style
    • Arts
  • Health
  • Sports
  • Entertainment
Have an existing account? Sign In
Follow US
© 2024 The Wall Street Publication. All Rights Reserved.
The Wall Street Publication > Blog > Markets > Deutsche Bank Fined for Weak Controls on Rate Data
Markets

Deutsche Bank Fined for Weak Controls on Rate Data

Editorial Board Published December 29, 2021
Share
Deutsche Bank Fined for Weak Controls on Rate Data
SHARE

Deutsche Bank AG DB -0.87% was fined nearly $10 million by Germany’s financial regulator on Wednesday for not having strong enough controls around data submissions that help set a European interest-rate benchmark.

Deutsche Bank “at times did not have in place effective preventive systems, controls and policies to ensure the integrity and reliability of all contributions of input data to the administrator,” the regulator, BaFin, said. 

The weaknesses found by BaFin related to Euribor submissions in a 2019-2020 time period, according to a person familiar with the matter. 

Deutsche Bank said there is no indication it actually submitted any incorrect data, and that it is taking measures to improve the controls. The bank said it wouldn’t contest the fine, which was €8.66 million, equivalent to nearly $10 million.  

“It remains a top priority for us to identify and address potential weaknesses in our control processes,” a Deutsche Bank spokesman said. 

The penalty revives one of the darkest chapters for Germany’s biggest bank by assets. Last decade, Deutsche Bank paid around $3.5 billion to settle allegations by U.S., U.K. and European authorities that its traders for years manipulated Euribor and other global interest-rate benchmarks. It was the most heavily fined bank over the rate rigging, and has since sought to improve its culture and systems to prevent any repeats. 

The Wall Street Journal previously reported that a whistleblower who helped U.S. and U.K. regulators investigate rate manipulation at Deutsche Bank received nearly $200 million for assisting that probe. 

A series of Journal articles in 2008 raised questions about whether global banks were manipulating the interest-rate-setting process by lowballing a key interest rate to avoid looking desperate for cash amid the financial crisis.

Regulators investigated, and found traders at banks and brokers for years conspired to manipulate benchmark rates. The rates are set based on oral submissions by banks and not on actual transactions.

Like other banks, Deutsche Bank was accused of letting employees nudge rates up or down slightly to benefit their trading positions. The practice was harmful, authorities say, because the rate benchmarks are used to determine interest paid on everything from mortgages to corporate loans to complex financial derivatives.  The most widely used rate, Libor, is in the process of being replaced. 

Write to Margot Patrick at margot.patrick@wsj.com

Copyright ©2021 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Appeared in the December 30, 2021, print edition as ‘Deutsche Bank Pays Fine for Lapses on Rate Data.’

TAGGED:MarketsPAIDWall Street Publication
Share This Article
Twitter Email Copy Link Print
Previous Article Covid-19, Inflation Make a Mess Out of Predictions Covid-19, Inflation Make a Mess Out of Predictions
Next Article Start the day with your eulogy for better focus, best-selling writer Don Miller suggests Start the day with your eulogy for better focus, best-selling writer Don Miller suggests

Editor's Pick

TLI Ranked Highest-Rated 3PL on Google Reviews

TLI Ranked Highest-Rated 3PL on Google Reviews

EXTON, PA — Translogistics, Inc. (TLI), a trailblazer in the 3PL and managed logistics space since its founding in 1994,…

By Editorial Board 12 Min Read
Gaetano Ori Saitta: The Visionary Trader Behind the Dubai Indicator
Gaetano Ori Saitta: The Visionary Trader Behind the Dubai Indicator

In the world of trading and financial innovation, few names stand out…

3 Min Read
Meet the Preakness Stakes horses working within the 2025 race
Meet the Preakness Stakes horses working within the 2025 race

The Preakness Stakes has a area of 9 horses set to race…

8 Min Read

Oponion

Natalie Mordovtseva Accused of Attempting to Revenue from LA Wilfires

Natalie Mordovtseva Accused of Attempting to Revenue from LA Wilfires

Natalie Mordovtseva says that she needs to assist, however 90…

January 15, 2025

Facebook Rebrands Company as Meta in Focus on Metaverse

Facebook Inc. Chief Executive Officer Mark…

October 28, 2021

Netflix’s ‘Squid Game’ sparks concern about violent impact on kids

Reports that Netflix is renewing the…

November 11, 2021

China’s Central Bank Is Under Pressure, but to What End?

When is a central bank not…

December 9, 2021

Alex Salmond’s explanation for loss of life confirmed as coronary heart assault, Alba Get together says | Politics Information

Alex Salmond’s explanation for loss of…

October 15, 2024

You Might Also Like

Treasury Division to halt penny manufacturing after centuries in circulation
Markets

Treasury Division to halt penny manufacturing after centuries in circulation

FOX Enterprise’ Lydia Hu reviews on the Division of Authorities Effectivity’s newest plan to chop spending throughout an look on…

4 Min Read
Goal gross sales hunch amid tariff conflict, DEI change backlash
Markets

Goal gross sales hunch amid tariff conflict, DEI change backlash

Take a look at what's clicking on FoxBusiness.com. Goal missed Wall Road expectations and lower its steerage for the 12…

5 Min Read
Tesla CFO earns staggering 9M compensation package deal
Markets

Tesla CFO earns staggering $139M compensation package deal

Tesla CEO Elon Musk mentioned on the Qatar Financial Discussion board that he would not plan on leaving his position…

4 Min Read
JPMorgan CEO Jamie Dimon clears Bitcoin for financial institution
Markets

JPMorgan CEO Jamie Dimon clears Bitcoin for financial institution

Bespoke Funding Group co-founder Paul Hickey breaks down the present volatility available in the market and discusses his present favourite…

3 Min Read
The Wall Street Publication

About Us

The Wall Street Publication, a distinguished part of the Enspirers News Group, stands as a beacon of excellence in journalism. Committed to delivering unfiltered global news, we pride ourselves on our trusted coverage of Politics, Business, Technology, and more.

Company

  • About Us
  • Newsroom Policies & Standards
  • Diversity & Inclusion
  • Careers
  • Media & Community Relations
  • WP Creative Group
  • Accessibility Statement

Contact

  • Contact Us
  • Contact Customer Care
  • Advertise
  • Licensing & Syndication
  • Request a Correction
  • Contact the Newsroom
  • Send a News Tip
  • Report a Vulnerability

Term of Use

  • Digital Products Terms of Sale
  • Terms of Service
  • Privacy Policy
  • Cookie Settings
  • Submissions & Discussion Policy
  • RSS Terms of Service
  • Ad Choices

© 2024 The Wall Street Publication. All Rights Reserved.

Welcome Back!

Sign in to your account

Lost your password?