Here are the top reads on deals and financial services over the last 24 hours,
FINANCIAL SERVICES NEWS
RBC, TD currency traders shared confidential customer data, OSC alleges as it pursues settlements: The Ontario Securities Commission is pursuing settlements with Royal Bank of Canada and Toronto-Dominion Bank in the first major Canadian regulatory action as part of global investigations into foreign-exchange traders. From 2011 to 2013, employees at both banks used electronic chat rooms “many hundreds” of times to share confidential customer information with foreign-exchange traders at outside firms, the OSC said in a statement of allegations published late Monday. Story (Clare O’Hara and David Milstead)
Scotiabank caught in escalating standoff with Prime Minister of Antigua and Barbuda: Bank of Nova Scotia is caught in an escalating standoff with the Prime Minister of Antigua and Barbuda over an agreement the Canadian bank made last year to sell its Antiguan operations. The deal announced in November would see Scotiabank sell its operations in nine Caribbean countries including Antigua, Grenada and St. Lucia, as part of a broader plan to reduce its exposure to risks in the region. Story (James Bradshaw)
The court-appointed monitor overseeing the unwinding of defunct Canadian cryptocurrency exchange QuadrigaCX says it is co-operating with four active law enforcement or regulatory investigations. That includes a probe by the Royal Canadian Mounted Police’s financial crime division in Milton, Ont., which has made formal document requests to Ernst & Young, the agency said in a report published Monday.
UBS, Deutsche reportedly held talks on investment banking alliance: UBS Group AG and Deutsche Bank AG held talks about combining their businesses earlier this year, including discussions in mid-June about an investment banking alliance, the Wall Street Journal reported on Sunday. Story (Reuters)
Teachers’ executive Rosemarie McClean appointed to UN pension fund: A top Ontario Teachers’ Pension Plan executive has been appointed by the United Nations to head the international organization’s staff pension fund. Story (Canadian Press)
DEALS NEWS: MERGERS, ACQUISITIONS, IPOs and FINANCINGS
Venture Capital has strongest first half on record with $2.15-billion raised: Helped along by a record second quarter, which saw $1.28-billion invested over 143 deals, venture-capital investment in Canada beat the previous record of $1.7-billion set in the first half of 2018, according to the Canadian Venture Capital & Private Equity Association’s market overview report, released on Tuesday. Story (Stefanie Marotta)
Just Energy founder looks to bail out the struggling energy retailer, faces tough restructuring: Just Energy Inc. founder Rebecca MacDonald counts some of the country’s wealthiest business leaders as friends and supporters of her business. Now, she’s trying to turn those relationships into a bailout for the struggling energy retailer. Just Energy is a former market darling. Founded in 1997, the company was a top performer as an income trust prior to the sector being shut down in 2006. Story (Andrew Willis)
Amgen to buy Celgene psoriasis drug Otezla for US$13.4-billion: Amgen Inc will buy Celgene Corp’s psoriasis drug Otezla for US$13.4 billion in cash, clearing the way for Bristol-Myers Squibb to go ahead with its US$74 billion deal for Celgene by the end of the year. Story (Reuters)
PDC Energy buying rival SRC for US$971-million: Oil and gas producer PDC Energy Inc on Monday agreed to buy smaller rival SRC Energy Inc in a US$971.3 million all-stock deal, in an attempt to boost its cash flow and create the second largest producer in Colorado’s DJ basin. Story (Reuters)
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