US fines HSBC â¹1,140 crore over "unsafe" forex trading
The US Federal Reserve fined banking giant HSBC $175 million (â¹1,142 crore) for "unsafe and unsound practices" in its foreign exchange trading business. HSBC had failed to monitor chat rooms where traders swapped information about investment positions. Authorities accused HSBC dealers of sharing confidential information about client orders and coordinating trades to boost their own profits.