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The NatWest unit pleads guilty to undue market influence by the Ministry of Finance



(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. [19659003] 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

9659002] The company regrets "a small number of former employees' previous behavior, ”said Robert Begbie, NatWest M arkets CEO, in a statement. "The behavior of these individuals was unacceptable and has no place in the bank we are in today."

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. ]
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