CNBV has started an investigation into the actors of the state-owned bond market in Mexico last year
The Mexican banking regulator has imposed fines on several major banks and operators to simplify operations on increasing government bonds and bonds in the country's largest source of investigations since the financial crisis.
Reuters reports that Citigroup, Citibanamex, BBVA, Barclays, Swiss Credit Suisse and Deutsche Bank Deutsche Bank have been warned about fines.
Fines for banks, eight operators and two brokers were $ 1 million. This is a government source that knows the issue directly.
Authorized penalties are penalized.
In response to the Reuters agency's inquiries, Citibanamex stated that he was aware of the penalties and would appreciate the potential claim. Barclays, Credit Suisse and Deutsche Bank refused to comment. BBVA Bancomer has not responded to an explanation request.
Over the last decade, regulatory authorities in the United States, the United Kingdom, and other countries have accused billions of dollars in international markets for manipulating interest rates and currency markets.
The National Bank and the Securities Commission (CNBV) investigation in Mexico did not find any evidence of manipulation. Regardless of modeling Mexican law violations, the source said that the regulator was not prosecuted.
CNBV has not responded to a comment request.
During the investigation, a trader traded through brokerage firms between banks, which increased the volume of government bond transactions, said a source that did not allow anonymous conversations with the media. It would be unclear how banks would generate volume volumes, but subjects should be the same as "market makers" or market managers.
According to the document, two interbank brokerage firms, as well as the Swiss trader and Anlis in Mexico, were fined. Traditionally, it did not respond to an explanation request.
The representative of Enlace made a statement in 2013 that CNBV had received a message from the company.
"We can not give more details because it is a permanent issue, but we believe that the use of penalties is unacceptable and we will criticize it," he said.
Last year, CNBV began studying the market of government bonds in Mexico, the Federal Financial Competitiveness Commission (COFECE) announced an investigation into possible trafficking in the public debt market.
Cofece has the right to disclose the results of the investigation to the monopolistic practice of the bond market in the next year.
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