US investigation into currency rate-rigging, it announced this forex rigging. US Department of Justice, resolving its probe into conduct in the lender’s global markets business during 2010 and 2011, HSBC said in a statement. The fine is the latest in a string of actions by authorities on both sides of the Atlantic against its foreign exchange trading arm.
Investigations which have already found Mark Johnson, a former currency trading executives, guilty of front-running a client’s trade. Another former executive, Stuart Scott, is currently fighting an attempt to extradite him to the US to face charges he denies. 4m in restitution, although HSBC said the payment had been reduced by 15 per cent because of its cooperation with the investigation. It will have no effect on the bank’s full-year results, due on 20 February, as money was already set aside in previous announcements.