Forex investigation hong kong
An investigation by the Hong Kong Monetary Hong failed to show evidence that traders at 10 foreign banks successfully rigged foreign exchange markets, the de facto central bank said in a statement yesterday.
But the HKMA announcement revealed Hong Kong-based traders at Deutsche Bank and Standard Chartered tried unsuccessfully to manipulate currency fixings to their advantage.
The probe, launched in mid-October, investigated communications such as instant messenger dialogues at those two banks, as well as at Bank of America, Barclays, BNP Paribas, Citibank, HSBC, JPMorgan Chase, Royal Bank of Scotland and UBS. The HKMA said a Hong Kong-based trader asked an overseas colleague to influence the rate in order to gain an over-the-counter currency option. A spokesperson at the German bank said it had fully complied with the regulators' investigation but declined to say whether investigation had detected the incident at the time or if the trader still worked at the bank.
A Hong Kong-based trader at Standard Chartered was also suspected of trying to influence the fixing of an Asian currency between March and November The HKMA found nine chat messages to overseas colleagues that suggested the trader tried to influence the fixing investigation order to benefit his forward position, although evidence that hong succeeded was insufficient. A Standard Chartered spokesperson said the trader no longer worked at the bank and that it would "work closely with its regulators to further strengthen its internal processes and oversight across its foreign exchange trading operations".
The probe also found "control deficiencies " at the 10 banks but primarily at Bank of America, Citibank, Deutsche Bank, HSBC, JPMorgan Chase and RBS. Skip to main content. South China Kong Post Edition: International Hong Kong International. Jobs Events Education Courses Newsletters. Main menu Home China HK Asia World Comment Business Tech Life Culture Sport Week forex asia Post Mag Hong.
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Advertising Solutions SCMP Mobile Edition SCMP Kong Edition SCMP ePaper Edition SCMP. HKMA probe of foreign banks finds no proof of forex rigging. Saturday, 20 December, hong, 3: Saturday, 20 December,8: Thank you You are on hong list. This article appeared in the South China Investigation Post print edition as:. Most Popular Viewed 1.
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