Hong Kong investigates HSBC, other banks for inappropriate market conduct

Tue Jun 18, 2013 6:22am EDT

The logo of HSBC bank is seen at its office in the Canary Wharf business district of London April 1, 2013. REUTERS/Chris Helgren

The logo of HSBC bank is seen at its office in the Canary Wharf business district of London April 1, 2013.

Credit: Reuters/Chris Helgren

(Reuters) - Hong Kong's de facto central bank said on Tuesday that its investigation into possible benchmark rate manipulation has been extended to include HSBC (HSBA.L) and a number of other banks.

Hong Kong Monetary Authority (HKMA) announced in December that is was investigating UBS (UBSN.VX) about possible misconduct relating to its submissions for the Hong Kong Interbank Offered Rate (Hibor).

"Apart from UBS, the HKMA have since December 2012 followed up with a number of banks including HSBC (both local and international banks) to ascertain whether there have been any inappropriate market conducts in their benchmark rate submissions," HKMA said in a statement, adding that the investigation was ongoing.

Last week the Monetary Authority of Singapore (MAS) announced that traders from 20 banks, including HSBC, has tried to inappropriately influence benchmark rates in the Southeast Asia city-state.

"As home regulator of HSBC in Hong Kong, the HKMA has asked HSBC to promptly implement remedial measures and actions as required by the MAS," HKMA said.

(Reporting by Rachel Armstrong; Editing by Jeremy Laurence)

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.