HSBC again suspected manipulation of currency rates


Moscow. June 7. INTERFAX.RU the Largest British Bank HSBC Holdings Plc again threatened with allegations of manipulation of foreign exchange rates to their advantage, writes the Financial Times.

British investima ECU Group filed a motion seeking to compel HSBC to disclose information about the three major currency orders ECU from 2006, the amount of each of which exceeded $100 million Operations were carried out through the London and new York.

ECU is going to make a decision about a possible lawsuit on the basis of such information. If the court finds evidence that HSBS concealed information about transactions, he may cancel the effect of the Statute of limitations, which in the UK for such cases is usually six years.

The company is requesting internal documents about the transaction and logs instant messages traders using Bloomberg. After carrying out currency transactions in 2006, ECU had suspicions that traders at HSBC had deceived her, but the Bank was then able to convince the company to hush up the case.

According to the Financial Times, the ECU decided to go back to this story after the U.S. Department of justice accused two currency traders at HSBC to use information about upcoming client transactions to their advantage.

In 2014, HSBC paid a fine in the amount of $618 million regulators of the USA, UK and Switzerland for the manipulation of exchange rates. The U.S. justice Department has not yet completed the investigation in full.

ECU and HSBC does not comment on the material FT.

Source