US investigation into currency rate-rigging, it announced this evening. US Department of Justice, resolving its us forex into conduct in the lender’s global markets business during 2010 and 2011, HSBC said in a statement. The fine is the latest in a string of actions by authorities on both sides of the Atlantic against its foreign exchange trading arm. Investigations which have already found Mark Johnson, a former currency trading executives, guilty of front-running a client’s trade.
Another former executive, Stuart Scott, is currently fighting an attempt to extradite him to the US to face charges he denies. 4m in restitution, although HSBC said the payment had been reduced by 15 per cent because of its cooperation with the investigation. It will have no effect on the bank’s full-year results, due on 20 February, as money was already set aside in previous announcements. HSBC will also take «additional steps to enhance its global markets compliance programme and internal controls» as well as cooperating fully with regulators and law enforcement. These additional steps include implementing algorithms to manage risk around benchmark orders, updating its employee policies, and hiring external firms to monitor its trades. The latest DPA by the bank comes just over a month after a similar arrangement with the DoJ over money laundering charges ended after five years.
HSBC has already paid millions in fines for misconduct in its foreign exchange operations. 275m to the US Commodity Futures Trading Commission. 175m to the US Federal Reserve «unsafe and unsound practices» in foreign exchange trading. How to use this converter ? Enter an amount in the box field of your chosen currency and click here or another box field to see the converted amount. Amounts can be entered with a comma or dot to separate the decimal part. New York vs London: which is the better city for bringing up kids?
Why are Germans so obsessed with saving money? Keep abreast of significant corporate, financial and political developments around the world. Not sure which package to choose? Markets data delayed by at least 15 minutes. Financial Times’ are trademarks of The Financial Times Ltd. The Financial Times and its journalism are subject to a self-regulation regime under the FT Editorial Code of Practice.
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New York vs London: which is the better city for bringing up kids? Why are Germans so obsessed with saving money? Keep abreast of significant corporate, financial and political developments around the world. Not sure which package to choose?
Markets data delayed by at least 15 minutes. Financial Times’ are trademarks of The Financial Times Ltd. The Financial Times and its journalism are subject to a self-regulation regime under the FT Editorial Code of Practice. Crypto Currency With A Trusted Broker!
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