The Ontario Securities Commission is reported to be looking into practices by Royal Bank of Canada (T.RY) and Toronto-Dominion Bank (T.TD) amid suspicions of foreign exchange trading malpractices.
OSC went on to say that TD, along with Royal, Canada’s largest bank, face allegations that their traders used confidential customer information to gain potential advantage in foreign exchange transactions that took place between 2011 and 2013.
The banks are accused of failing to provide sufficient controls in their FX trading business during the three-year period, according to two separate 'statements of allegations' from the Ontario Securities Commission.
The hearing will be held on Friday at the commission’s office in Toronto.
