Deutsche fined for Hungarian FX swaps
In a statement issued by the Hungarian Financial Supervisory Authority (HFSA) on April 22, the regulator said from 2007, Deutsche Bank marketed and concluded a number of FX swap trades linked to EUR/HUF, CHF/HUF and USD/HUF with several Hungarian banking counterparties. The swap positions would create unlimited profits for Deutsche Bank if the forint weakened while potential losses were capped.
An investigation by the HFSA found that on October 15, 2008 the high volume of spot forint trades by
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