Deutsche Bank Securities is the latest bank to pay a stiff fine in ongoing investigations of market timing as exiting New York State Attorney General Eliot Spitzer wraps up the probe before taking the governor's seat in January.

Deutsche Bank agreed to pay $208m (€157.8m) to settle charges that it aided hedge funds in timing certain trades after hours in order to make more money. The settlement includes a $102m payout to investors, $86m in fee reductions spread out over the next five years, and a $20m civil penalty.