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TD Bank Settles Spoofing Investigation with $20 Million Payment

  Toronto-Dominion Bank (TD Bank) has agreed to pay over $20 million USD to settle an investigation by U.S. authorities into fraudulent trading practices known as “spoofing.” This settlement resolves allegations that a former TD Bank trader engaged in deceptive tactics to manipulate the U.S. Treasuries market. The investigation revealed that the trader placed large orders with the intent to cancel them before execution, creating a false impression of market demand. This practice, known as spoofing, is illegal under U.S. law as it undermines market integrity and investor confidence. TD Bank’s settlement includes both fines and restitution, reflecting the seriousness of the misconduct. The bank has stated its commitment to maintaining high ethical standards and has taken steps to enhance its compliance and oversight mechanisms to prevent future violations. This case is part of a broader crackdown by U.S. regulators on spoofing and other forms of market manipulation, aiming to ensure fair
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A CBSA Strike Could Cause Major Delays at the Border: What You Need to Know

 


A CBSA Strike Could Cause Major Delays at the Border: What You Need to Know season kicks into gear, Canadians and visitors may find themselves waiting in long lines at the border due to a potential strike by workers at the Canada Border Services Agency (CBSA). Here’s what you need to know:

  1. Strike Mandate: More than 9,000 Public Service Alliance of Canada members who work for the CBSA, including border guards, have secured a strike mandate. This means they are authorized to take strike action if necessary.

  2. Mediation and Potential Strike Date: The two sides are scheduled to go into mediation on June 3, and the union will be in a position to strike as of June 6. The outcome of these negotiations will determine whether a strike occurs.

  3. Impact on Border Traffic: A CBSA strike could disrupt border traffic significantly. During a similar action three years ago, cross-border traffic was nearly brought to a standstill, causing major delays at airports and borders across the country. Given that $2.5 billion worth of goods crosses the border daily, any disruption could have economic consequences.

  4. Essential Services Designation: While 90% of front-line border officers are designated as essential, meaning they can’t stop working during a strike, there are still potential disruptions. Union members could use a tactic called “work-to-rule,” where they follow their job duties exactly as outlined in their contracts. This could lead to longer processing times at border crossings.

  5. Discipline and Discretion: The CBSA has stated that employees in essential services positions must provide uninterrupted border services and cannot intentionally slow down border processing. However, border workers have broad discretion when it comes to asking questions, which could impact the situation.

In summary, travelers should be aware of the possibility of delays at the border due to the CBSA strike. It’s essential to stay informed and plan accordingly to minimize any inconvenience during your travels. 

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