We are saddened to see another negative example of the OTC FX market splashed across the world’s leading newspapers. These two headlines below aptly demonstrate the strain the institutional currency market is under. The banks likely believe they have the right to cover the open position risk as they see fit, in order to protect…
Day: July 21, 2016
HSBC forex traders charged with criminal fraud but cleared on an internal HSBC probe
HSBC forex traders charged with criminal fraud http://www.ft.com/cms/s/0/9c44fe7a-4e97-11e6-8172-e39ecd3b86fc.html#axzz4F33H4Ddd The latest legal and regulatory concerns related come from an alleged situation of HSBC’s FX desk front-running a large corporate currency transaction. The profit estimated for the bank, $8 million. HSBC internal probe ‘cleared’ top forex traders http://www.ft.com/cms/s/0/941eb8a8-4f32-11e6-88c5-db83e98a590a.html#axzz4F33H4Ddd The HSBC review, conducted in the wake of a…