(Reuters) – A unit within the NatWest Group on Tuesday agreed to pay about $ 35 million and pleaded guilty to fraud involving transfers and securities in connection with a lengthy system by some of its traders to manipulate US sovereign debt markets.
] Lender's investment bank NatWest Markets acknowledged that its traders were engaged in systems to manipulate US financial markets for a decade until 2018. The company agreed to serve three years of probation in addition to the fine and repayment, the Justice Department said in a statement.  NatWest traders in Connecticut, London and Singapore engaged in systems where they manipulated state market prices through a practice called "spoofing" or placing orders with the intention of suspending them before they are executed, according to Tuesday's court documents. [1
The penalty and other payments will cover both spoofing-related charges as well as a violation of a previous agreement with the Department of Justice, NatWest said. ]