ING: to pay 5 million dollars to settle NYSE charge
(CercleFinance.com) - Dutch financial group ING has agreed to pay 5 million dollars to settle charges for improperly handling American Depository Receipts (ADRs), the New York Stock Exchange said on Thursday.
The settlement stems from NYSE's investigation into conduct by ING's securities lending desk from 2007 into 2015, the stock exchange operator said.
Specifically, the case relates to the borrowing and lending of so-called "pre-released' ADRs that are not backed by underlying foreign shares, the settlement shows.
The NYSE said a former employee on ING's securities desk has also settled in connection with the investigation.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The settlement stems from NYSE's investigation into conduct by ING's securities lending desk from 2007 into 2015, the stock exchange operator said.
Specifically, the case relates to the borrowing and lending of so-called "pre-released' ADRs that are not backed by underlying foreign shares, the settlement shows.
The NYSE said a former employee on ING's securities desk has also settled in connection with the investigation.
Copyright (c) 2018 CercleFinance.com. All rights reserved.