TD Bank to Pay More Than US$28M in Settlement for Market Manipulation

TD Bank to Pay More Than US$28M in Settlement for Market Manipulation
A TD Bank branch is seen in Halifax on March 30, 2017. The Canadian Press/Andrew Vaughan
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TD Bank Group has agreed to pay more than US$28 million after an investigation into manipulation of the U.S. Treasuries market by one of its traders.

The deferred prosecution agreement with the U.S. Department of Justice has TD agreeing that a former employee created a false appearance of supply or demand in the market by placing bids or offers, only to cancel them before completion.