HSBC Holdings will pay $ 175m. a fine to settle the Federal Reserve's demands arising from a bank's forex trading investigation, including that traders have abused their customers' information by providing it to their competitors.
The Fed's report on the case has made it clear that there have been many proven cases involving a conflict of interest and traders of several banks have negotiated manipulations through huge deals in special electronic chat rooms. HSBC was among the seven banks that paid more than $ 10 billion in fines to regulators in the US and Europe to manipulate exchange rates.
Source: Bloomberg Pro Terminal
Jr Trader Petar Milanov
Bloomberg: HSBC Will Pay $ 175 Million to Settle Fed Probe of FX Practices
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