38385
S. Korea Fines HSBC, Deutsche Bank
World Economy

S. Korea Fines HSBC, Deutsche Bank

South Korea’s competition watchdog said it had fined HSBC Holdings Plc’s Hong Kong unit and Deutsche Bank AG a combined 59 million won ($50,000) for colluding on foreign exchange swap bids—its first-ever penalty for an FX derivatives-related case, Reuters reported. Officials at the banks agreed to avoid competition and alternately win four rounds of bidding for a company’s FX swaps in 2011, the country’s Fair Trade Commission said in a statement. It did not identify the company. The watchdog fined HSBC 46 million won and Deutsche 13 million won. HSBC’s Seoul branch said it has cooperated fully with the Fair Trade Commission. Deutsche declined to comment. “As the first ever FX derivatives-related case the Fair Trade Commission has uncovered and penalized, the FTC hopes price collusion against clients in the FX market will decrease through this measure,” it said. The action comes as regulators step up efforts to crack down on market manipulation.

 

Short URL : http://goo.gl/YO9JQo
  1. http://goo.gl/HDf0hD
  • http://goo.gl/1yT34i
  • http://goo.gl/ehVp9U
  • http://goo.gl/mbsTfh
  • http://goo.gl/NIRPP4

You can also read ...

Automation is eroding jobs.
As workers struggle with the uneven fruits of globalization...
Pedestrians are reflected on a window displaying share prices of the Tokyo Stock Exchange in Tokyo on October 23, 2017.
Asian stocks ended broadly higher on Monday after the US...
Escaping Middle Income Trap  a Challenge for Malaysia
S&P Global Ratings expects that Malaysia’s objective to...
Venezuela is already late on $350 million of interest payments.
Ever since the price of oil collapsed in mid-2014, there’s...
Vietnam Confident of 6.7% Growth
Vietnam is confident it will meet its goal of 6.7% economic...
Just a third of companies say that Brexit has had no impact on their plans.
Investment by Britain’s manufacturers has seen a reality check...
Kobe Steel Faces Key Debt Test
As Kobe Steel Ltd becomes increasingly embroiled in a data...
Brazil Watchdog to Reject Oi Plan
Brazil’s telecoms regulator Anatel on Monday is set to reject...

Trending

Googleplus