CFTC imposes a $45 million penalty on HSBC for manipulative and deceptive trading LeapRate

May 15, 2023 BY Steffy Bogdanova

CFTC imposes a $45 million penalty on HSBC for manipulative and deceptive trading

Additionally, the regulator accused HSBC’s subsidiary of attempting to manipulate on-screen prices, which were partly based on issuer swaps, by engaging in spoofing activities with interdealer brokerages that controlled the screens. Spoofing involves placing orders with the intention of canceling them before execution, constituting fraudulent behavior. According to the CFTC, HSBC traders deliberately traded at…

March 13, 2023 BY Steffy Bogdanova

HSBC acquires UK’s Silicon Valley Bank for £1

Noel Quinn, the CEO of HSBC Group, commented: This acquisition makes excellent strategic sense for our business in the UK. It strengthens our commercial banking franchise and enhances our ability to serve innovative and fast-growing firms, including in the technology and life-science sectors, in the UK and internationally. The UK Financial Conduct Authority issued a…

November 29, 2022 BY Steffy Bogdanova

HSBC sells its Canadian business to RBC for $10.1 billion

Based on the financial data as of 30 September 2022, the deal will provide HSBC Group with a pre-tax gain of $5.7 billion. HSBC Canada’s assets are valued at $94.6 billion. The company has 130 branches and 4,2200 employees. Noel Quinn, the CEO of HSBC Group, commented: I am pleased that we have reached an…

April 27, 2022 BY Steffy Bogdanova

HSBC sees revenue drop of 4% in Q1 2022

Noel Quinn, the Group Chief Executive at HSBC, commented: I’m encouraged by our start to the year. Our strategy is on track, with organic growth and good momentum across most parts of the Group. While profits were down on last year’s first quarter due to market impacts on Wealth revenue and a more normalized level…

January 06, 2022 BY Steffy Bogdanova

HSBC sells 39% stake of its China securities brokerage joint venture partner

Action for the joint venture In order to expand its banking business in the second largest economy worldwide, China, HSBC will bid for the entire 39% stake in the joint venture. The action, due to expire on 21 January, follows HSBC regulatory approval in China to take full ownership of its life insurance joint venture…

December 13, 2021 BY Steffy Bogdanova

Wells Fargo and HSBC agree to settle FX transactions through a blockchain solution

Mark Jones, co-head of Macro, Wells Fargo Corporate & Investment Bank, said: We are pleased to announce that we will be utilizing blockchain technology for the first time in the settlement process of cross-border payments. We are extremely excited to be collaborating with HSBC on a project which places both organizations at the forefront of…

November 12, 2021 BY Steffy Bogdanova

HSBC and Saxo partner to expand digital investment offerings in Singapore

Adam Reynolds, APAC CEO, Saxo, commented: Singapore will be the first in HSBC to adopt our trading platform, and we are excited to be combining natural synergies from both companies to deliver an enhanced trading and investment experience for HSBC customers. Saxo’s OpenAPI technology provides best-in-class efficiency and scalability investment and trading architecture, while allowing…

October 25, 2021 BY Steffy Bogdanova

HSBC’s Q3 profits reach $5.4 billion

HSBC’s outlook for revenue remains positive with expectations to see growth, moving forward. The company also noted that it remains committed to the ESG agenda and continues to make progress. Quinn continued: While we retain a cautious outlook on the external risk environment, we believe that the lows of recent quarters are behind us. This…

August 02, 2021 BY Alan Sayer

HSBC reports a profit increase of more than 100% for the first half of 2021

This means the pre-tax profit for the first half of 2021 has already eclipsed what HSBC brought in for the whole of 2020. With total pre-tax profit of $8.777 billion for 2020, HSBC feels that it is in a promising position moving towards the second half of 2021. The Group Chief Executive of HSBC, Noel…

July 29, 2021 BY Steffy Bogdanova

HSBC joins as a member of the cross-currency swaps service of CLS and IHS Markit

The cross-currency swaps service is an extension of CLS’s PvP settlement service. It also uses the MarkitSERV trade confirmation platform to enable members of CLSSettlement to send their cross-currency swaps for settlement. The cross-currency swap flows are multilaterally netted against all other FX transactions in CLSSettlement, which results in a meaningful reduction in daily funding…

Tag: HSBC