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#1 02-10-2017 17:22:53

Admin & Trader
From: Paris - France
Registered: 21-12-2009
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The Fed slaps HSBC with a $175 million fine

The Fed slaps HSBC with a $175 million fine

(Reuters) - The US Federal Reserve imposed a $175 million fine on HSBC (around 148 million euros) on Friday for "risky and dubious practices" on the foreign exchange market, the latest in a series of fines imposed on banks for failing to prevent the manipulation of the currency market.

"The council imposed the fine due to HSBC's failures in terms of their forex trading monitoring and control system", the Fed said in a statement.

The fine follows other penalties, totaling over $4.3 billion, from the US Commodity Futures Trading Commission and the British Financial Conduct, inflicted on six banks, including HSBC, in November 2014.

"We are pleased to have settled this case", a HSBC spokesman in London told Reuters.

"Anything worth having is worth going for - all the way." - J.R. Ewing



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