In the case of the manipulation of exchange rates involving the largest international banks, sanctions raining down from all sides, the Financial Conduct Authority uk, Department of Financial Services of New York, the Commodity Futures Trading Commission of the u.s. and even the Fed. The u.s. central Bank, the main constable of banking in the United States, has also imposed a fine of $ 175 million to the british bank HSBC and its local affiliate, for its “risky practices and questionable” on the foreign exchange market.
“The commission imposed the fine because of the deficiencies in the supervision and internal control of the traders who sell and buy dollars and foreign currencies on the foreign exchange markets for the account of the firm and its clients. The firm was not able to detect nor deal with the misappropriation of confidential information of the clients, nor the use of online discussion forums to communicate with their competitors on their trading positions, ” says the u.s. federal Reserve in its press release.
The Fed ordered the british bank to conduct an audit and improve its control procedures and its risk management compliance within the brokerage of currencies, within a period of 90 days, she says, in the decision dated 29 September.