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HSBC European Currency Trading Head Scott Said to Depart (ILLEGAL CURRENCY MANIPULATION)

Wednesday, December 10, 2014 10:45

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Subject: HSBC European Currency Trading Head Scott Said to Depart (ILLEGAL CURRENCY MANIPULATION)

HSBC Holdings Plc (HSBA)’s head of currency trading in Europe, Stuart Scott, left the bank after it was fined $618 million to settle a probe into foreign-exchange rigging, a person familiar with the departure said.
Scott left the bank yesterday, said the person, who asked not to be identified because they aren’t authorized to speak publicly about the matter. Scott joined HSBC Bank in 2007, according to the Financial Conduct Authority’s register of authorized individuals, and was based in London.
Jonny Blostone, a spokesman for the London-based lender, declined to comment on the departure, which was reported by the Wall Street Journal earlier today. Calls to Scott’s office were answered by a colleague who said the trader wasn’t in today.
HSBC was among six banks that paid about $4.3 billion in fines last month to settle probes into allegations traders colluded with counterparts at other firms to rig benchmarks used by fund managers to determine what they pay for foreign currency. Banks including Barclays Plc, Citigroup Inc., Goldman Sachs Group Inc. and JPMorgan Chase & Co. have dismissed, suspended or placed on leave traders amid the investigations.
“HSBC does not tolerate improper conduct and will take whatever action is appropriate,” a spokeswoman for the bank said on Nov. 12, referring to the FX scandal.
Europe’s biggest bank was ordered to pay a combined $618 million to the U.S. Commodity Futures Trading Commission and Britain’s FCA following an investigation into failings at the bank’s foreign-exchange business. The other banks in the group settlement were Bank of America Corp., Citigroup, JPMorgan, Royal Bank of Scotland Group Plc and UBS Group AG.
HSBC rose 0.2 percent to 623.7 pence at 1:02 p.m. in London, trimming its loss this year to 5.9 percent. The lender has a market value of 120 billion pounds ($188 billion).
To contact the reporter on this story: Stephen Morris in London at [email protected]
To contact the editors responsible for this story: Simone Meier at [email protected] Edward Evans, Jon Menon, Steve Bailey

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