Federal Reserve Fines HSBC $175 Million for ‘Unsafe FX Trading’

[kreslik.news]

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

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Announcing the settlement on Friday, the Fed also ordered HSBC to put in place a program to ensure that the alleged violation doesn’t happen again.

The UK lender had insufficient oversight and controls over its FX traders, who allegedly discussed trading positions ... (read more)