Fed fines HSBC $175 million for lack of oversight of its foreign-exchange traders
The Federal Reserve on Friday announced it has fined HSBC Holdings plc $175 million for "deficiencies" in the British bank's oversight over its traders in the foreign-exchange market. The central bank said the bank (HSBA.LN) failed to detect that its traders misused confidential customer information and used electronic chatrooms to talk to competitors about their trading positions. The Fed order requires HSBC to improve its risk management concerning foreign-exchange trading.
-Greg Robb; 415-439-6400; AskNewswires@dowjones.com
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