HSBC Fined USD175 Million Over "Unsafe" Forex Practices

HSBC Fined USD175 Million Over

HSBC Holdings PLC (HSBA.L) has been slapped with a $175 million fine by the U.S. Federal Reserve board as the central bank found a long pattern of "unsafe and unsound practices in the foreign exchange (FX) markets".

The Fed order released Friday detailed multiple instances of improper behavior, including allegations that traders may have conspired with counterparts at other firms to coordinate strategies to influence market prices.

"We are pleased to have resolved this matter", HSBC said in an emailed statement.

The regulator ordered HSBC to improve risk management in its foreign-exchange business. The Fed said the bank cooperated with the investigation.

The penalty comes as HSBC's former head of foreign exchange spot trading, Mark Johnson, is facing trial in NY federal court over allegations that he and others traded on inside information about a $3.5 billion cash swap.

The bank in 2012 paid $1.9 billion in fines and other charges after settling with USA prosecutors over allegations it had deliberately moved money for drug cartels, clients tied to terrorist organizations and sanctions-barred countries, or failed to prevent this.

Like this


30 September 2017
Mourinho to answer judge's questions on tax fraud on November 3
United are now preparing to next face bottom of the table Crystal Palace at the Old Trafford on 29 September. The Red Devils are now placed at second position in the Premier League standings with five wins and one draw.

30 September 2017
Elon Musk And Space X Unveil Future Plans For Mars And More
That rocket's booster alone was to be about 39 feet in diameter, and the spaceship was envisioned to be about 55 feet in diameter. Musk estimated past year that the development cost for the Mars system would be about $10 billion.

30 September 2017
Kristen Stewart, Lupita Nyong'o Sought For Charlie's Angels Reboot
Her other major films in recent years include " Snow White and the Huntsman " and the final part of the " Twilight " saga. Variety is reporting that Stewart is in talks to join Charlie Angel's reboot, along with Oscar-winner Lupita Nyong'o .

30 September 2017
Nawaz Sharif to leave for London to see his ailing wife
Before the General Council, a meeting of PML-N central working committee (CWC) will be held. In subsequence of his ouster, he was also disqualified from the party president seat.

30 September 2017
Everton boss Ronald Koeman dismisses job under threat: Enjoy life!
Koeman reminded McCarthy that his responsibilities need to be to his employer, as he was asked whether he will urge the player to put club before country.

30 September 2017
Bethesda reveals brutal survival mode for 'Skyrim Special Edition'
Players will have to face extreme hunger, which significantly decreases their stamina, so they need to search for food to survive. Fatigue diminishes the total available magicka, and if it persists, potions will start getting less and less effective.

30 September 2017
IAMGOLD Corp (IMG) Trading Down 6.9%
Royal Bank Of Canada restated a "hold" recommendation on stocks of Iamgold Corporation in a study note published on Wed, Jul 12th. Year to date is 72.99%, 30.08% over the last quarter, 69.47% for the past six months and 55.61% over the last 12 months.

30 September 2017
Kimberly-Clark Corporation (KMB) Shares Bought by Centre Asset Management LLC
The stock of Kimberly Clark Corp (NYSE:KMB) has "Sector Perform" rating given on Thursday, October 22 by RBC Capital Markets. Tortoise Investment Management LLC boosted its position in shares of Kimberly-Clark Corporation by 4.7% in the 1st quarter.

30 September 2017
Switzerland Tests Delivery by Drone in Populated Areas
Consumers place orders for goods in the Siroop marketplace, and the merchant then loads the goods onto the drone. Mercedes-Benz hopes to bring this style of delivery to markets around the globe if the tests are successful.

30 September 2017
Gov. signs executive order mobilizing resources for Puerto Rico
More than 1 million Puerto Ricans live in Florida, including almost 115,000 who live in Hillsborough County. Waiving the act means much-needed goods may be able to arrive more quickly to the island.