HSBC to Pay $100M to End U.S. Currency-Rigging Probe

The video discusses HSBC's cooperation with the Justice Department regarding FX rigging. HSBC agreed to cooperate for three years to avoid prosecution, resulting in a reduced fine. The focus has shifted from institutions to individuals, with former traders from HSBC and Barclays facing legal actions for front-running client orders.

What was the main reason for HSBC's cooperation with the Justice Department?

• To merge with another bank

• To avoid a larger fine

• To gain market share

• To improve their public image

What has HSBC done to address the issues related to the FX rigging case?

• Increased marketing efforts

• Improved internal controls

• Hired more traders

• Expanded into new markets

What is the current focus of the FX rigging case?

• Regulatory bodies

• International markets

• Individuals

• Institutions

What was the outcome for a former HSBC FX trader involved in the case?

• Awarded a bonus

• Promoted to a higher position

• Convicted for front running

• Transferred to another department

Which other bank's former trader was indicted in the US for a similar situation?

• Barclays

• Deutsche Bank

• Citibank

• Goldman Sachs