LTCB Trust Fined $1 Million For Booking Bond Trades As Repos


LTCB Trust, the US subsidiary of the Long-Term Credit Bank of Japan, has been fined $1 million by the New York State Bank Department as a penalty for engaging in securities lending "without implementing proper financial, operational and risk controls and management supervision."

The consent order against LTCB Trust follows regulatory investigations set in motion earlier this year (RMO, April 22) after bank management reported the misdemeanours.

According to New York State Banking Department

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