Commerzbank fined for market manipulation

Over 8 years have elapsed since the time of the violation

Commerzbank

Commerzbank fined for market manipulation. Source: shutterstock.com

The Cyprus Securities and Exchange Commission (CySEC) has imposed a total of €650,000 fine on Commerzbank AG due to the market manipulations.

According to information, Cyprus Popular Bank, as known as Laiki, invested in two structured products issued by Commerzbank on February 5, 2008.

At the time, Marfin Egnatia Bank S.A, CPB’s subsidiary, was initially set as the index sponsor thus creating a conflict of interest.

CySEC evidence demonstrates that Commerzbank executed the voting rights of the underlying shares based on instructions from Marfin-Egnatia.

The regulator highlights that both companies acted in concert to manipulate the market in relation to CPB’s shares between April and May 2011.

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