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HSBC Fined in Hong Kong

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HSBC Fined in Hong Kong

The Securities and Futures Commission (SFC) in Hong Kong has fined HSBC bank $2.5 million and given them a reprimand. This follows after SFC investigated into the holding of HSBC of open positions in Hang Seng China Enterprises Index futures and options contracts in breach of the limit on 18 occasions from 26 May to 1st August 2014.

In deciding the penalty, the SFC has taken into account that HSBC has since taken steps to improve its internal controls on monitoring of position limit and co-operated with the SFC.

News Source: SFC Press Release

 

About HSBC

HSBC
HSBC

The Hong Kong and Shanghai Banking Corporation Limited (NYSE:HSBC) was established in 1865 to finance the growing trade between Europe, India and China. HSBC was born from one simple idea – a local bank serving international needs. Today, it covers 71 countries and territories in Europe, Asia, the Middle East and Africa, North America and Latin America with around 4400 offices in both established and emerging markets, serving around 46 million customers through the Four Global Businesses: Retail Banking and Wealth Management, Commercial Banking, Global Banking and Markets, and Global Private Banking.

  • Origin : London, UK
  • Assets : Euro 21.67 billion
  • Revenue : Euro 721.3 million
  • Employees : 266,000

Official Website: www.hsbc.com





News & Media: Press Release

Updated on 8th August 2016

 





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