RBC will pay $13.55 million and TD $9.3 million; both banks will each pay an additional $800,000 to cover the OSC’s costs for its investigation. In its statement of allegations, the OSC said traders of both banks used virtual chat rooms to share confidential customer information with other firms’ foreign-exchange traders from 2011 to 2013. (Globe and Mail)

Talking point: This is the first significant regulatory action in Canada, part of a worldwide series of probes into foreign-exchange traders. U.S. regulators took similar actions in 2014, when five banks were fined a total of US$1.4 billion; and in Europe, where another five banks—some that were also fined in the U.S. incident—were fined a combined US$1.2 billion. Those banks were found to have been manipulating or colluding in foreign-exchange trading, or trying to do so; the OSC did not find evidence of the Canadian banks engaging in such conduct. Instead, the banks are accused of not having sufficient supervision and controls in their foreign-exchange trading, which fails a regulatory requirement. Both TD and RBC said their internal controls have improved from several years ago.