HSBC Holdings PLC Parts Ways with Head of Currency Trading Stuart Scott
- Mr Scott parts ways with HSBC Holdings after allegedly conspiring with a major hedge fund to leak information related to client orders on the foreign exchange market and serving in a role related to fixing investigations.
Not long after the first fine decisions related to the FX industry have been announced, HSBC Holdings Plc (LON:HSBC) is the first bank to let go of its head of currency trading. The company has dismissed Stuart Scott, citing his connection with the global investigations of the foreign Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term fixings.
The violations committed by HSBC Holdings (LON:HSBC) have led to the bank paying $620 million in fines on both sides of the Atlantic, according to sources cited by the Wall Street Journal.
Scott was fired from the biggest (by assets) UK bank on December 9th from a role that involved supervising the bank’s foreign-exchange trading operations. He joined the bank in 2007, according to the UK financial regulator’s register.
The UK Financial Conduct Authority (FCA), the UK’s financial regulator, announced fines totalling 1.1 billion pounds ($1.7 billion) for five prominent banks because of ineffective controls among foreign exchange traders between January 1, 2008 and October 15, 2013.
At the same time, the US CFTC CFTC The 1974 Commodity Exchange Act (CEA) in the United States created the Commodity Futures Trading Commission (CFTC). The Commission protects and regulates market activities against manipulation, fraud, and abuse trade practices and promotes fairness in futures contracts. The CEA also included the Sad-Johnson Agreement, which defined the authority and responsibilities for the monitoring of financial contracts between the Commodity Futures Trading Commission and the Securities and Exchange Commiss The 1974 Commodity Exchange Act (CEA) in the United States created the Commodity Futures Trading Commission (CFTC). The Commission protects and regulates market activities against manipulation, fraud, and abuse trade practices and promotes fairness in futures contracts. The CEA also included the Sad-Johnson Agreement, which defined the authority and responsibilities for the monitoring of financial contracts between the Commodity Futures Trading Commission and the Securities and Exchange Commiss Read this Term ordered five banks to pay over $1.4 billion in penalties for manipulation of Foreign Exchange Benchmark Rates between 2009 and 2012.
Scott is under investigation by the US Justice Department for allegedly leaking information about client foreign exchange markets positions to a major hedge fund. At the time of publication, the matter remains unresolved and only adds to the justifications for HSBC Holdings Plc (LON:HSBC) to part ways with Scott.
Not long after the first fine decisions related to the FX industry have been announced, HSBC Holdings Plc (LON:HSBC) is the first bank to let go of its head of currency trading. The company has dismissed Stuart Scott, citing his connection with the global investigations of the foreign Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term fixings.
The violations committed by HSBC Holdings (LON:HSBC) have led to the bank paying $620 million in fines on both sides of the Atlantic, according to sources cited by the Wall Street Journal.
Scott was fired from the biggest (by assets) UK bank on December 9th from a role that involved supervising the bank’s foreign-exchange trading operations. He joined the bank in 2007, according to the UK financial regulator’s register.
The UK Financial Conduct Authority (FCA), the UK’s financial regulator, announced fines totalling 1.1 billion pounds ($1.7 billion) for five prominent banks because of ineffective controls among foreign exchange traders between January 1, 2008 and October 15, 2013.
At the same time, the US CFTC CFTC The 1974 Commodity Exchange Act (CEA) in the United States created the Commodity Futures Trading Commission (CFTC). The Commission protects and regulates market activities against manipulation, fraud, and abuse trade practices and promotes fairness in futures contracts. The CEA also included the Sad-Johnson Agreement, which defined the authority and responsibilities for the monitoring of financial contracts between the Commodity Futures Trading Commission and the Securities and Exchange Commiss The 1974 Commodity Exchange Act (CEA) in the United States created the Commodity Futures Trading Commission (CFTC). The Commission protects and regulates market activities against manipulation, fraud, and abuse trade practices and promotes fairness in futures contracts. The CEA also included the Sad-Johnson Agreement, which defined the authority and responsibilities for the monitoring of financial contracts between the Commodity Futures Trading Commission and the Securities and Exchange Commiss Read this Term ordered five banks to pay over $1.4 billion in penalties for manipulation of Foreign Exchange Benchmark Rates between 2009 and 2012.
Scott is under investigation by the US Justice Department for allegedly leaking information about client foreign exchange markets positions to a major hedge fund. At the time of publication, the matter remains unresolved and only adds to the justifications for HSBC Holdings Plc (LON:HSBC) to part ways with Scott.