Article content

Canada’s two biggest banks, Royal Bank of Canada and Toronto-Dominion Bank, have agreed to pay almost $23 million in total to settle allegations that their traders used confidential customer information to gain a potential advantage in foreign exchange transactions that took place between 2011 and 2013.

RBC will pay $13.55 million and TD will pay $9.3 million in settlements with the Ontario Securities Commissioner, back-to-back hearings Friday revealed.

We apologize, but this video has failed to load.

tap here to see other videos from our team. Try refreshing your browser, or Canada’s two biggest banks to pay almost $23 million in total to settle probe into FX trading chat rooms Back to video

Both settlements were approved by a three-member OSC panel led by commissioner Grant Vingoe. RBC and TD will also pay $800,000 each to cover the costs of the investigation.

Staff of the OSC had alleged the banks failed to have sufficient supervision and controls in their foreign exchange trading business, which allowed the inappropriate sharing of confidential customer information by foreign exchange traders with traders at competing firms in electronic “chat rooms.”