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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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Toronto Transit Strike Looms: What You Need to Know


Toronto commuters are bracing for a potential transit strike as negotiations between the Toronto Transit Commission (TTC) and the Amalgamated Transit Union (ATU) Local 113 reach a critical juncture. With the deadline fast approaching, here’s a concise overview of the situation.

Key Points:

  1. Strike Threat: ATU Local 113, representing around 12,000 TTC workers, has warned that they are prepared to strike if their demands are not met. The union cites issues related to wages, pensions, job security, and agency contracts.
  2. Midnight Deadline: The TTC and ATU Local 113 have until midnight to broker a new deal. Failure to reach an agreement would disrupt travel plans for the 1.3 million daily riders who rely on the transit system.
  3. Service Impact: Buses and streetcars are expected to finish service around 2 a.m. on Friday, while subway service will wind down between 2 a.m. and 3 a.m. Wheel-Trans service for people with disabilities will continue to operate.
  4. Support and Accountability: Other unions and advocates stand in solidarity with ATU Local 113, emphasizing the importance of protecting TTC service and ensuring job security.
  5. Underfunding Concerns: Advocates highlight decades of underfunding as a root cause, emphasizing the need for accountability and sustainable transit services.

As the clock ticks down, Toronto residents are urged to prepare backup travel plans for Friday and beyond. Whether a strike occurs or not, the impact on the city’s transportation system remains a critical concern. 

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