The US Securities and Exchange Commission (SEC) has charged TD Securities with manipulating the US Treasury cash securities market through an illicit spoofing scheme between April 2018 and May 2019.
The watchdog also charged the bank with “failing to supervise” the head of its US Treasuries trading desk who allegedly made “hundreds” of illegal trades over that period.
The firm was ordered to pay $6.5 million to the SEC, $6 million to FINRA to resolve ‘related charges’, and entered into a deferred prosecution agreement with the US Department of Justice and agreed to pay a total sanction of more than $15 million.
Mark Cave, associate director in the SEC’s division of enforcement, said: “Manipulative and deceptive trading undermines the integrity of our markets. Broker-dealers and other firms cannot ignore their employees’ manipulative conduct and must take meaningful steps to…
