Economy

xchrom

(108,903 posts)

22. Hong Kong investigates HSBC, other banks for inappropriate market conduct

Tue Jun 18, 2013, 07:24 AM

Jun 2013

http://uk.reuters.com/article/2013/06/18/uk-hongkong-hibor-hsbc-idUKBRE95H0A820130618

(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 and a number of other banks.

The Hong Kong Monetary Authority (HKMA) announced in December that it was investigating UBS 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.

The move is the latest announcement in a series of global investigations going on into benchmark rates following the discovery that some had been rigged, most notably Libor, the London interbank Offered Rate.

***ok = i now think the list of who hasn't investigated hsbc is shorter than the list of who has

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