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HSBC dismisses head of European forex trading | HSBC dismisses head of European forex trading |
(about 4 hours later) | |
HSBC has dismissed its head of foreign exchange trading for Europe, Middle East and Africa. | HSBC has dismissed its head of foreign exchange trading for Europe, Middle East and Africa. |
Stuart Scott has been "let go", a source confirmed to the BBC on Wednesday. | Stuart Scott has been "let go", a source confirmed to the BBC on Wednesday. |
The move comes a month after the bank was fined $618m (£393.8m) by regulators in connection with traders' attempted manipulation of foreign exchange rates. | The move comes a month after the bank was fined $618m (£393.8m) by regulators in connection with traders' attempted manipulation of foreign exchange rates. |
At the time, HSBC said it "does not tolerate improper conduct and will take whatever action is appropriate". | At the time, HSBC said it "does not tolerate improper conduct and will take whatever action is appropriate". |
It was one of six banks collectively fined by UK and US regulators following a 13-month investigation by regulators into claims that the foreign exchange market - in which banks and other financial firms buy and sell currencies between one another - was being rigged. | It was one of six banks collectively fined by UK and US regulators following a 13-month investigation by regulators into claims that the foreign exchange market - in which banks and other financial firms buy and sell currencies between one another - was being rigged. |
The regulators found that certain foreign exchange traders at the banks had co-ordinated their trading with one another to attempt to manipulate benchmark foreign exchange rates. | The regulators found that certain foreign exchange traders at the banks had co-ordinated their trading with one another to attempt to manipulate benchmark foreign exchange rates. |
The massive market, in which $5.3 trillion worth of currencies are traded daily, dwarfs the stock and bond markets. | |
About 40% of the world's dealing is estimated to go through trading rooms in London. | |
HSBC declined to comment on Wednesday. | HSBC declined to comment on Wednesday. |
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