Press Release

September 29, 2017 Federal Reserve Board fines HSBC Holdings plc and HSBC North America Holdings Inc. $175 million for unsafe and unsound practices in FX trading For release at 11:00 a.m. EDT Share The Federal Reserve Board on Friday 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. The Board levied the fine for deficiencies in HSBC's oversight of, and internal controls over, FX traders who buy and sell U.S. dollars and foreign currencies for the firm's own accounts and for customers. 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. For media inquiries, call 202-452-2955. Attachment (PDF) Related Content Board Votes

Federal Reserve (2017, September 28). Press Release. Press Releases, Federal Reserve. https://whenthefedspeaks.com/doc/press_release_20170929_federal_reserve_board_approves_application_by_the

@misc{wtfs_press_release_20170929_federal_reserve_board_approves_application_by_the,
  author = {Federal Reserve},
  title = {Press Release},
  year = {2017},
  month = {Sep},
  howpublished = {Press Releases, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/press_release_20170929_federal_reserve_board_approves_application_by_the},
  note = {Retrieved via When the Fed Speaks corpus}
}