Mizuho fined over deal contingent FX forwards

CFTC finds clients weren't told about pre-hedging activity that likely resulted in worse pricing


New-York based Mizuho Capital Markets has been fined by the US Commodity Futures Trading Commission (CFTC) for failures around disclosures made to clients around pre-hedging of deal contingent foreign exchange forwards.

The entity – a US bank holding company fully owned by Japan’s Mizuho Financial Group – was fined $6.8 million by the regulator on April 25 for failing to adequately notify its customers it had been trading in the moments before it provided the rate for deal contingent FX forward

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