The US Federal Reserve is ordering HSBC Holdings PLC (HSBC) to pay a $175M fine, accusing the bank of engaging in practices that were “unsafe and unsound” in its foreign exchange trading business. According to the Fed, HSBC did not properly oversee chat rooms in which traders exchanged information about…
Former Citigroup Global Markets Traders Accused of Spoofing Arrive at Non-Prosecution Deals The US Commodity Futures Trading Commission has reached non-prosecution agreements with three ex-Citigroup Global Markets Inc.(C) traders. Daniel Liao, Jeremy Lao, and Shlomo Salant admitted to engaging in spoofing in US treasury futures markets while working for the…
Morgan Stanley Smith Barney (MS) and Citigroup Global Markets (MS) have settled civil charges brought by the US Securities and Exchange Commission accusing the two firms of making misleading and false statements about the CitiFX Alpha, which is a foreign exchange trading program. Without denying or admitting to the regulator’s…
Bloomberg is reporting that according to a source, JPMorgan Chase & Co. (JPM) has suspended currency dealer Gordon Andrew for alleged wrongdoing involving his work at Royal Bank of Scotland Group Plc. (RBS). According to The Wall Street Journal, people familiar with the matter say that the firm discovered evidence…