The Securities and Futures Commission (SFC) has banned Ms Li Lee, a former employee of The Hongkong and Shanghai Banking Corporation Limited (HSBC), from re-entering the industry for life following her criminal convictions. The District Court earlier found that Li, who was responsible for selling and promoting investment and insurance products at HSBC at the…
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Appears that somebody's been following R3's footsteps lately... a group of seven banks has agreed in principle to develop a shared platform that aims to make domestic and cross-border commerce easier for European small and medium-size (SME) businesses by harnessing the power of distributed ledger technology. Deutsche Bank, HSBC (HSBC also joined R3 as well…
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The global clearing house LCH has announced today that it will be launching a new service for the non-cleared derivatives market. LCH SwapAgent will benefit from LCH’s expertise in serving and managing risk for the cleared rates & FX derivatives market, providing market participants with a number of solutions designed to materially improve standardisation, efficiency…
Read moreThe Securities and Futures Commission (SFC) has banned Ms Chen Chia Hui, a former employee of The Hongkong and Shanghai Banking Corporation Limited (HSBC), from re-entering the industry for life following her conviction for bribery. The District Court found that Chen, a relationship manager of HSBC at the material time, accepted a secret commission in…
Read moreCLS Group, a provider of risk management and operational services for the global foreign exchange (FX) market, has announced its intent to release a payment netting service, CLS Netting, for buy-side and sell-side institutions’ FX trades that are settled outside the CLS settlement service. David Puth, CEO of CLS, commented: Working with our settlement members…
Read moreThe Securities and Futures Commission (SFC) has reprimanded and fined The Hongkong and Shanghai Banking Corporation Limited (HSBC) $2.5 million for regulatory breaches and internal control failings related to position limit failures. The disciplinary action follows an SFC investigation into the holding by HSBC of open positions in Hang Seng China Enterprises Index futures and…
Read moreBank Forex executive Mark Johnson, HSBC's global head of foreign exchange cash trading in London has reportedly been arrested at New York's John F. Kennedy airport, charged with front-running customer orders. According to press reports, Mr. Johnson has become the first person to be charged in the Justice Department's three-year probe into forex rigging at global banks. He…
Read moreThe trial marked an unprecedented scale of institutional collaboration between the financial and technology communities exploring how distributed ledgers can be applied to global financial markets. Just released is a major blockchain announcement from financial technology innovation company R3 CEV. In short, they connected 40 banks to five different blockchains and allowed them to facilitate…
Read moreConsortium to develop new technology for global financial markets now comprises 25 banks.
Read moreGoal is to facilitate compliance with new margin regulations for non-cleared derivatives effective in 2016.
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