Richard Lissack, QC and barrister for ECU Group, said of the allegations that: ECU’s case is that HSBC’s foreign exchange trading desk between 2004 and 2006 were rotten. Traders treated clients’ orders as an opportunity for self-enrichment. ECU is a former client of HSBC and also alleges that HSBC’s private bank, HBPB, would commonly carry…
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The Swiss Exchange welcomed VanEck ETP AG as a new issuer of Exchange Traded Products (ETPs). VanEck ETP AG adds 4 new listings which makes a total of 100 ETPs and Structured Products with cryptocurrencies as underlyings are offered for trading at SIX Swiss Exchange. SIX has recorded trading volumes of CHF 4.6 billion on…
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In their new roles, Liao and Rosha will be based in Hong Kong. Liao has been with the bank for 24 years and has been considered one of the front-runners as a replacement of Wong. Rosha became CEO of India in 2018 has previously served as head of the APAC financial institutions group. Brock Silvers,…
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The governor of the Bank of Korea suggested that cryptocurrency trades from South Korean citizens are a potential threat to the country’s financial system. Increased trading of virtual assets – known for their volatile pricing – is threatening to leave the nation’s financial system at risk of instability, according to the Governor of the Bank…
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In the official announcement, HSBC also said it is planning to sell parts of its business to other US companies. The London-based lender revealed it has agreed to sell its East Coast retail unit, which includes 800,000 customers and 80 branches, to Citizens Bank. Cathay Bank is planning to buy the company’s retail business in…
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The HSBC is going on a different path than rivals such as Goldman Sachs whose digital investing branch, Saxo Markets, recently announced the launch of a new crypto trading service - Crypto FX. Bitcoin’s price has been on a rollercoaster during the last few days with a 50% fall, trading $36,387 on Monday, just 40…
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Avelacom, the low latency connectivity, IT infrastructure and data solutions provider for global financial markets, has revealed it has become a connectivity provider for the LME, supporting LME members to use cross-market trading strategies more efficiently. Avelacom’s global coverage includes most developed market exchanges, such as CME, with a focus on emerging markets, including exchanges in…
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HSBC's Group Chairman, Mark Tucker, commented: Rachel is an exceptional candidate. I am absolutely delighted to welcome her to the Board. She has extensive knowledge and experience of operating in two of HSBC's most strategically important markets - Hong Kong and mainland China. Her knowledge and experience will further strengthen the Board's discussions and oversight.…
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Executed over several days in the first week of February this year in order to limit market slippage, Tesla made a $1.5 billion bitcoin purchase which has now been revealed by Block to have been brokered by the cryptocurrency platform, Coinbase. Up until this announcement it had been unclear who had facilitated the significant purchase,…
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Celine Herweijer commented: The challenge and the opportunity for HSBC is immense. Achieving net zero means we need to see a fundamental reshaping of industries and therefore of the global economy. Getting there requires bold action, new partnerships and ways of engaging with customers and stakeholders to accelerate the new solutions the world requires. As…
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