HSBC Reveals Investigations Over Forex Trades

HSBC Reveals Investigations Over Forex Trades

Banking giant HSBC has confirmed it is being investigated in several countries over trading on the global foreign exchange market.

HSBC is the latest of a number of banks to confirm its forex business is being examined.

It said the investigations were at an early stage.

Last week the Financial Times said Barclays had suspended as many as six foreign exchange staff - some of them London-based.

It said that on October 31 RBS also suspended two of its traders as part of the probe.

Those banks declined to comment publicly on the suspensions but have confirmed they have been drawn into the investigation surrounding alleged manipulation.

HSBC confirmed that Britain's Financial Conduct Authority is one of a number of agencies investigating its currency trades.

A total of six global regulators have been involved in examining the sector, including watchdogs in the United States, Japan and Switzerland.

The news comes as HSBC saw its profit rise 10% in the last quarter, as cost cutting offset a drop in investment banking revenues.

HSBC reported an underlying pretax profit of £3.1bn for the three months to the end of September.

Shares in the banking giant were up 2.85% in mid-afternoon trading.

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