Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) today announced the filing of a complaint in federal district court in New York charging the Royal Bank of Canada (RBC), a Canadian bank and financial services firm doing business in New York, with conducting a multi-hundred million dollar wash sale scheme in connection with exchange-traded stock futures contracts. The CFTC’s complaint also alleges that RBC willfully concealed, and made false statements concerning, material aspects of its wash sale scheme from OneChicago, LLC (OneChicago), an electronic futures exchange, and CME Group, Inc. (CME Group), the entity that exercised the regulatory compliance function for OneChicago.
From at least June 2007 to May 2010, RBC allegedly non-competitively traded hundreds of millions of dollars’ worth of narrow based stock index futures (NBI) and single stock futures (SSF) contracts with two of its subsidiaries that RBC reported as “block” trades on OneChicago. The CFTC’s complaint alleges that RBC’s NBI and SSF trading activity, which accounted for the majority of OneChicago’s volume during the relevant period, constituted unlawful non-competitive trades, wash sales and fictitious sales.
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RBC Capital Markets appointed a new chief executive and chief operating officer for its European operations Monday, replacing John Burbidge, who recently retired from the corner office.
Harry Samuel, current global co-head of fixed income and currencies and global head of treasury services, takes over the chief executive role.
David Thomas, global head of technology and operations, assumes the position of chief operating officer.
Mr. Samuel has been with the bank for 22 years and Mr. Thomas 19.
Mr. Burbidge, who has worked with RBC for more than 27 years, retired on July 31.
“Harry and David have an outstanding track record within RBC and as such they are extremely well placed to work with our global managers,” Mark Standish, co-chief executive with RBC Capital Markets, said in a release. “The strength of our leadership team in Europe demonstrates the importance that we place on the region.”
RBC Capital Markets now employs more than 1,300 people in Europe.
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