HSBC Pays $175 Million for FX Trading Practices
HSBC Holdings is paying $175 million to the U.S. Federal Reserve for its practices in its foreign exchange trading business. The bank had failed to monitor chat rooms, where traders had communicated sensitive information.
“ The FED levied the fine for deficiencies in HSBC’s oversight of and internal controls over FX traders “
The HSBC traders were accused of sharing sensitive information of clients’ orders that would have given them the advantage to increase their trading profits, via their own positions.
HSBC is one of the world’s largest banking and financial services organisations. With around 6,000 offices in both established and emerging markets, we aim to be where the growth is, connecting customers to opportunities, enabling businesses to thrive and economies to prosper, and, ultimately, helping people to fulfil their hopes and realise their ambitions.
We serve more than 47 million customers through our four Global Businesses: Retail Banking and Wealth Management, Commercial Banking, Global Banking and Markets, and Global Private Banking. Our network covers 71 countries and territories in Europe, Asia, the Middle East and Africa, North America and Latin America. Listed on the London, Hong Kong, New York, Paris and Bermuda stock exchanges, shares in HSBC Holdings plc are held by about 213,000 shareholders in 132 countries and territories.
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