Fed Fines HSBC $175 Million for Foreign Exchange Trading Practices

By Ryan Tracy Features Dow Jones Newswires

The Federal Reserve fined HSBC Holdings PLC $175 million for lax oversight of its foreign exchange trading business.

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The firm "failed to detect and address its traders misusing confidential customer information, as well as using electronic chatrooms to communicate with competitors about their trading positions," the Fed said in a press release Friday.

HSBC spokesman Robert Sherman said the company is "pleased to have resolved the matter."

The regulator ordered HSBC to improve risk management in its foreign-exchange business.

Write to Ryan Tracy at ryan.tracy@wsj.com

(END) Dow Jones Newswires

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September 29, 2017 11:56 ET (15:56 GMT)