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How we helped
The client, a large global bank, was under investigation by multiple regulatory agencies (including the DOJ, SEC and CFTC) for possible manipulation of the US Treasuries market. Regulators alleged that primary dealers, including our client, conspired to manipulate the US Treasuries market by colluding in auctions and secondary markets. The alleged conspiracy included sharing confidential customer order information ahead of the auctions.
A class action lawsuit was filed in late 2017 on the same matter. The client faced potentially large fines and penalties including possible trading sanctions.
The client needed independent data analytics and assistance in complying with the regulators’ requests for data and analyses.
AlixPartners experts in Treasury markets and trading data analytics reviewed data on our client’s auction bids, auction awards and overall auction results. AlixPartners also reviewed activity in the when-issued market and the secondary market.
After AlixPartners helped the client responded to the regulators’ requests for analysis, the regulators ended their investigation into the matter and did not pursue any action against our client. The civil litigation was dismissed.