Fed fines HSBC $175 millionStaff Writer | September 30, 2017
The Federal Reserve Board announced that it has fined HSBC Holdings plc, London, United Kingdom, and HSBC North America Holdings Inc., New York, New York, $175 million for the firm's unsafe and unsound practices in its foreign exchange (FX) trading business.
Banking Unsafe and unsound practices in FX trading
The firm failed to detect and address its traders misusing confidential customer information, as well as using electronic chatrooms to communicate with competitors about their trading positions.
The Board's order requires HSBC to improve its controls and compliance risk management concerning the firm's FX trading. ■