VTB says trades in line with rules at the time, after CFTC fine
US regulator fines VTB $5m for fictitious USD/RUB block trades, but VTB says penalty due to rule change, not non-compliance
Russian bank VTB says its USD/RUB block trades were "strictly in accordance with market practices at the time" and the $5 million fine from the Commodity Futures Trading Commission (CFTC) for non-competitive trading was the result of changing rules on the exchange rather than non-compliance.
"After several meetings with VTB Capital in New York, Kansas and Washington, the CFTC has concluded the bank was working strictly in accordance with the appropriate market practices at that time," VTB tells
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