limited-purpose national bank ; and (v) AT Investment Advisers, Inc. In 2010, Royal Bank of Canada built a new 71,000-square-foot trading floor and hired approximately seventy people in trading and technology. It also shows that Defendants transacted trillions of dollars in cdor-Based Derivatives with.S. 27cibc 2016 Annual Report (2016 available at 28Bank Holding Company Performance Report June 30, 2017FR bhcpr, cibc holdco INC., at 10 (Jun. 93These banks control more than 93 of the total banking assets in Canada and are thus sometimes referred to as the Big 7 Banks. Defendants Bank of America Merrill Lynch, Deutsche Bank, hsbc, cibc, BNS, BMO, and RBC all act as clearing members for and trade derivatives on various.S.-based exchanges, including the Chicago Mercantile Exchange.
In May 2016, Bank of America agreed to pay 50 million to settle allegations that it conspired with hsbc and other banks to manipulate isdafixa benchmark used to price certain swaps transactions, commercial real estate mortgages, and structured debt securities. Non- bank investors like Plaintiff and the Class) for Canadian dollar-denominated derivatives trades, including cdor-Based Derivatives, in the United States market. Electronic communications and instant messages containing manipulative requests that emanated from within the United States or were routed through electronic servers located within the United States;. This directly resulted in Defendants reaping hundreds of millions (if not billions) of dollars in illicit trading profits on their cdor-Based Derivatives positions.
Investors took advantage of this opportunity and a study from the Bank of Canada confirms that cdor-Based Derivatives trading grew during the Class Period as a result of investors increased use of cdor-based swaps, FRAs, and other products to lock in low fixed interest rates. The Canadian Bankers Association and the cdor Panel 169. The cdor Fixing. In this capacity, BMO Nesbitt Burns Inc. This business unit trades cdor-based interest rate and FX derivatives. Since at least 2011. 128 See., at 2-3. Plaintiff and members of the Class also were deprived of the ability to accurately price cdor-Based Derivatives they transacted in during the Class Period and to accurately determine the settlement value of cdor-Based Derivatives by reference to an accurate cdor. Before mid-2011, Deutsche Bank joined Defendants cartel by submitting lower cdor rates identical to other cartel members.
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