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First bank busted over Volcker Rule

Deutsche Bank (NYSE:DB) has been hit with the Federal Reserve’s first major fine for failing to ensure traders abide by the Volcker Rule.

Besides violating the ban on risky market bets, it will pay even more for letting its currency desks chat with competitors.

The simultaneous sanctions, totaling almost $157M, fault lax oversight of traders that persisted into last year.

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