HSBC Confirms: Two Forex Traders in U.K. Suspended After Internal Investigation

Following reports in the media citing sources, Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term Magnates' reporters contacted the press office of Europe's largest bank by market value, HSBC, and was given an official statement regarding news that it had let go two Forex Traders in wake of the FX Rate manipulation probe that made headlines again today, it said in a short statement: "HSBC can confirm the suspension of two foreign Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term traders in London."

According to people familiar with the matter, as told to members of Forex Magnates' research team, the action of suspending the two FX traders was related to an internal investigation that HSBC had conducted, and that it is continuing to investigate with the regulators. Bloomberg news reportedly cited the traders suspended by HSBC included Edward Pinto and Serge Sarramegna, according to a source that wished to remain private.

The news follows just days after Citi Group's UK office was visited by U.S. regulators, after it let go of a senior FX dealer, reportedly over the multi-bank connected FX rate manipulation investigation, and when Deutsche Bank subsequently suspended a number of currency traders, as reported by Forex Magnates.

Key entities under its corporate structure, including HSBC Holdings plc, HSBC Finance Corporation and HSBC Bank USA Inc, will report Annual Results on 24 February, 2014, shares of HSBC on the four different exchanges where it trades around the globe - had little changed in today's session, up slightly in London, N.Y and Paris, and down in Hong Kong.

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