Credit Suisse to Pay Fine of $135 million for FX Trading Misconduct

Credit Suisse to Pay Fine of $135 million for FX Trading Misconduct

Credit Suisse has agreed to pay a settlement of $135 million for its foreign exchange misconduct after investigations by the Department of Financial Services of New York State (DFS).  The U.S. authority had investigated its FX trading practices between 2008 to 2015, including trading ahead of clients (“front running”) or manipulating exchange rates.   The DFS concluded the bank brokers had misled clients and manipulated exchange rate values.

“Credit Suisse Agreed to Pay Fine of $135 million Forex Trading Misconduct”

The $135 million settlement was agreed between Credit Suisse and the Department of Financial Services of New York State (DFS).

Source: Reuters, Bloomberg

 

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About Credit Suisse

Founded in 1856, we today have a global reach with operations in over 50 countries and 48,200 employees from over 150 different nations. Our broad footprint helps us to generate a geographically balanced stream of revenues and net new assets and allows us to capture growth opportunities around the world. We serve our clients through three regionally focused divisions: Swiss Universal Bank, International Wealth Management and Asia Pacific. These regional businesses are supported by two other divisions specializing in investment banking capabilities: Global Markets and Investment Banking & Capital Markets. The Strategic Resolution Unit consolidates the remaining portfolios from the former non-strategic units plus additional businesses and positions that do not fit with our strategic direction. Our business divisions cooperate closely to provide holistic financial solutions, including innovative products and specially tailored advice.

Visit: Credit Suisse

 


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HSBC to Pay 300 Million Euros to Settle French Tax Dodging Probe in Switzerland

HSBC to Pay 300 Million Euros to Settle French Tax Dodging Probe in Switzerland

HSBC will pay 300 million euros ($352.5 million) to settle tax evasion investigation of French citizens through its HSBC Private Bank in Switzerland.

“HSBC Decides to Pay 300 Million Euros to Settle French Tax Dodging Probe via HSBC Private Bank in Switzerland”

The French financial prosecutor’s office said that French citizens will end proceedings against the bank provided it does make that payment. The settlement was the first of its kind under a new French legal framework.

Source: Reuters, Business Insider

 

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About HSBC

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 about213,000 shareholders in 132 countries and territories.

Visit: HSBC

 


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Former HSBC FX Trader Convicted for $3.5 Billion Trading Fraud

Former HSBC FX Trader Convicted for $3.5 Billion Trading Fraud

Former HSBC FX trader, Mark Johnson had been convicted of fraud for $3.5 billion of currency trades in 2011.  He was found guilty of defrauding a client named Cairn Energy. Prosecutors said Johnson, FX trader at HSBC,  schemed to increase the price of British pounds before trading for Cairn to make millions of profit for HSBC at Cairn’s expense.

“Former HSBC FX Trader Convicted for $3.5 Billion Trading Fraud”

Mark Johnson had spent three days on the witness stands, in his own defense, and became the first person to be charged by the US Justice Department for FX-rigging offences.  This conviction was concluded after a three-year probe into foreign-exchange rigging practices in global financial institutions.

Source: Fortune, BBC News, International Business Times, CNBC

 

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About HSBC

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 about213,000 shareholders in 132 countries and territories.

Visit: HSBC

 


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Citi, Deutsche & HSBC To Pay Nearly $132 Million in Settlements for Libor Manipulation Class Action

Citi, Deutsche & HSBC To Pay Nearly $132 Million in Settlements for Libor Manipulation Class Action

Citigroup, Deutsche Bank and HSBC will pay a combined $132 million ($33 million, US$80 million, $18 million)  in settlements in a US class action.  Futures traders have brought the class action against the 3 banks for manipulating the Libor benchmark interest rate.

” Citigroup, Deutsche Bank & HSBC to pay combined $132 million in settlements for Libor Manipulation “

According to the filing in Manhattan Federal Court, the settlements will go to selected groups who had traded in Eurodollar futures on exchanges, including Chicago Mercantile Exchange for the period of 2003 to 2011, and possibly before & after.

Source: SCMP, Reuters

 


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Deutsche Bank Pays $190 Million for FX Rigging

Deutsche Bank Pays $190 Million for FX Rigging

Deutsche Bank will be paying $190 million for its role in rigging foreign exchange prices.  This is a preliminary settlement filing to a U.S. District Court, and is subjected to the approval of the judge.

” Deutsche Bank Will Pay $190 Million for FX Rigging “

Since the 2008 financial crisis, numerous banks had been accused of manipulating foreign exchange and interbank rates.

Source: Reuters

About Deutsche Bank

Deutsche Bank is a leading global investment bank with a strong and profitable private clients franchise. A leader in Germany and Europe, the Bank is continuously growing in North America, Asia and key emerging markets. With more than 78,000 employees in over 70 countries worldwide, Deutsche Bank offers unparalleled financial services throughout the world. The Bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.

Visit: Deutsche Bank

 


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ZhongAn Online IPO at HKD 59.70 and Raised $1.5 Billion in Capital

ZhongAn Online IPO at HKD 59.70 and Raised $1.5 Billion in Capital

ZhongAn Online stock was priced at HKD 59.70, and raised $1.5 billion in capital.  It is the first internet insurance business in China, and notable shareholders include Tencent, Alibaba and Ant Financial.

” ZhongAn Online Raised $1.5 Billion and IPO at HKD 59.70 “

It is listed on the Hong Kong Stock Exchange under the Ticker 6060.HK, and started trading on 29th September 2017.  The closing price was HKD 63.45, a 6.2% increase from the IPO price.  The stock was 393 times oversubscribed.

Source: HKSE

 

About ZhongAn Online

We are an online-only Insuretech company in China. Leveraging our technologies, we develop ecosystem-oriented insurance products and solutions in different consumption scenarios to better serve our customers. From our inception in October 2013 to December 31, 2016, we sold over 7.2 billion insurance policies and served approximately 492 million policyholders and the insured, ranking us the largest insurer in China by these measures during this period according to the Oliver Wyman Report. In addition, we are the largest online insurance company in China with GWP of RMB3,408.0 million in 2016. We experienced significant growth during the Track Record Period. Our GWP increased significantly from RMB794.1 million in 2014 to RMB2,283.0 million in 2015, and further to RMB3,408.0 million in 2016, and from RMB604.4 million for the three months ended March 31, 2016 to RMB1,030.4 million for the three months ended March 31, 2017. Our net premiums earned increased significantly from RMB712.2 million in 2014 to RMB1,921.5 million in 2015, and further 2016 to RMB3,225.4 million in 2016, and from RMB569.2 million for the three months ended March 31, 2016 to RMB886.8 million for the three months ended March 31, 2017.

Visit: ZhongAn Online

 


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HSBC Pays $175 Million for FX Trading Practices

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.

Source: Reuters

About HSBC

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.

Visit: HSBC

 


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Citigroup Returns $1.74 Billion to Lehman Brothers

Citigroup Returns $1.74 Billion to Lehman Brothers

Citigroup is returning $1.74 billion to Lehman Brothers for deposits withheld for trades.  The dispute arose as Citigroup withheld $2.1 billion for trade securities, while Lehman claims the money should go towards its creditors.

” Citigroup returns $1.74 billion to Lehman Brothers for Deposits Withheld since 2008 “

The dispute dates back to the financial crisis in 2008, the aftermath of the collapse of Lehman Brothers Holdings.

Source: Reuters

About Citigroup Inc

Citigroup, Inc. is a global diversified financial services holding company whose businesses provide consumers, corporations, governments and institutions with a broad range of financial products and services. The company operates through two segments: Citicorp, consisting of Citi’s Global Consumer Banking businesses and Institutional Clients Group; and Citi Holdings, consisting of Brokerage and Asset Management, Local Consumer Lending and Special Asset Pool.

 Visit: Citigroup


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ZhongAn Online Plans IPO at $11 Billion Valuation in Hong Kong

ZhongAn Online Plans IPO at $11 Billion Valuation in Hong Kong

ZhongAn Online Property and Casualty Insurance is planning an IPO that is valuing the company at $11 billion.  The IPO will raise an estimated $1.5 billion, valuing the company between $9.9 billion to $11 billion.

” ZhongAn Online plans IPO at $11 Billion Valuation in HK “

It is China’s first internet-only insurer, and is backed by Jack Ma’s Ant Financial with a 16% stake.  Ping An Insurance and Tencent hold 12% stake each.  JPMorgan Chase & Co., Credit Suisse Group AG, UBS Group AG and CMB International Capital Ltd. are joint sponsors of the offering.

Source: Reuters, Bloomberg

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Lenovo Owner Buys 89.93% of Banque Internationale à Luxembourg for $1.76 Billion

Lenovo Owner Buys 89.93% of Banque Internationale à Luxembourg for$1.76 Billion

Legend Holdings, a HK listed company and founded by Lenovo owner Li Chuan Zhi, has agreed to buy 89.93% of Banque Internationale à Luxembourg (BIL), a leading universal banking group headquartered in Luxembourg.  The minority share of  9.993% is owned by Grand Duchy of Luxembourg.

” Lenovo owner buys 89.93% of Banque Internationale à Luxembourg for$1.76 Billion “

Banque Internationale à Luxembourg (BIL) have total assets of €23 billion and assets under management of €37.7 billion.  Legend Holdings is founded in 1984  and is a leading diversified investment group, with €43.92 billion of assets, annual revenues in excess of €40 billion and close to 70,000 employees worldwide.  Lenovo successfully acquired IBM’s global PC business in 2004, subsequently investing and growing the brand into a global leader.

Source: Banque Internationale à LuxembourgSouth China Morning Post

 

 

About Legend Holdings

Legend Holdings is a leading large investment group in China. The company has built an innovative business model of both strategic and financial investments. Through strategic investments, the company invests in segments including IT, financial services, innovative consumer services, and agriculture & food. The company’s financial investments business primarily consists of angel investments, venture capital and private equity across all stages of a company’s life cycle.

Over the past 33 years, under the leadership of the company’s Founder and Chairman, Liu Chuanzhi, and President, Zhu Linan, the company has capitalized on its understanding of China’s key development themes, complementary investment businesses and extensive management expertise to cultivate a number of outstanding and influential enterprises in China and overseas. By promoting business alignment and consolidation, and continuously optimizing its investment portfolio, the Company realizes sustainable growth in its corporate value.

Visit: Legend Holdings

 

About Banque Internationale à Luxembourg (BIL)

Founded in 1856, Banque Internationale à Luxembourg (BIL) is the oldest multi-business bank in the Grand Duchy. It has always played an active role in the main stages of development of the Luxembourg economy. It currently operates in retail, private and corporate banking, as well as on financial markets. Employing more than 2,000 people, BIL is present in the financial centres of Luxembourg, Switzerland (since 1984), Denmark (since 2000), the Middle East (since 2005) and Sweden (since 2016).

Visit: Banque Internationale à Luxembourg


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