HSBC Fined by US Federal Reserve for $175m for ‘unsound’ FX trading

HSBC fined By US Federal Reserve

US Federal Reserve has put a fine on HSBC for doing “unsafe and unsound practices” for foreign exchange trading business. US $175m is amount of fine imposed on HSBC by US Federal Reserve.

As per the statements issued by the Fed, Fed has said that bank didn’t stop its traders from misusing secret information of the customers and for telling competitors about their own trading positions.

Earlier former global head of Forex cash trading at HSBC, Mark Johnson was kicked off by New York court on Monday. Mark Johnson has faced charges that he has exploited secret details from a client to front-run a $3.5bn currency deal.

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