Wells Fargo Bank, NA, agreed to settle charges brought by the National Futures Association that it misled a customer regarding the method of pricing regarding a four-month Canadian Dollar forward contract during Business Continuity Disaster Recovery Planning Canadian Regulation (sans Capital and Liquidity) Capital and Liquidity Central and South American Regulation (sans Capital and Liquidity) Chief Compliance Officers China Developments Cleared Swaps Commissions and Fees Compliance Weeds Credit and Risk Cryptosecurities Culture and Ethics Customer Protection Cybersecurity Dark Pools and Internalization Did You Know? EMEA Regulation (sans Capital and Liquidity and UK after March 1, 2019) Employers and Employees Equity Securities Exchanges and Clearing Houses Federal Energy Regulatory Commission FinTech Fixed Income Securities Follow-Up Foreign Corrupt Practices Act Forum Selection Fraud and Anti-Fraud Gifts and Entertainment Guest Commentary Hard to Believe Helpful to Getting the Business Done High Frequency Trading Initial Public Offerings Including Private Placements Insider Trading Introducing Brokers Investment Advisers Legal Weeds Letters to the Editor Managed Money Manipulation Margin Market Abuse Market Structure Memory Lane MF Global Money Service Business and Money Transmission My View News Developments Non-Competitive Transactions (sans Block Trades and EFRPs) Off-Exchange Products (Retail Clients sans Retail Forex) Omnibus Accounts Part 30 and 15a-6 2014 sold to the client. NFA alleged that WFB told the customer that it would set the settlement price for the forward contract at the average price of Canadian dollar spot contracts WFB purchased on August 27, 2014 (the forward contract had a settlement date of December 31, 2014). In fact, WFB priced the forward contract at a higher price WFB thought the client would accept and not at the average price, claimed NFA. NFA also alleged that WFB misled its customer regarding when it actually acquired the spot contracts to complete its transaction with the client. NFA charged that WFB’s actions violated a Commodity Futures Trading Commission rule that requires fair and balanced communications by a swap dealer with a counterparty and thus also an NFA rule that incorporates the CFTC rule by reference. To settle this matter, WFB agreed to pay a fine of US $2.5 million without admitting or denying any of NFA’s allegations. (Click here to access CFTC Rule 23.433 and here for NFA Rule 2-49(a).)