London, U.K.-based HSBC Holdings plc, the venerable parent company of the New York City-based HSBC Group, reports that it has entered into a three-year deferred prosecution agreement with the U.S. Department of Justice, meant to “resolve the DoJ’s investigation into HSBC’s historical foreign exchange sales and trading activities within its Global Markets business.” The agreement… Read More >>
Commerzbank & HSBC Strike Strategic Settlement Partnership
Commerzbank and HSBC have struck a strategic partnership that will see the German bank transferring its securities settlement operations to a newly created joint venture with HSBC Transaction Services. Commerzbank will have a 20 percent stake in the joint venture that will begin operations in early 2020 and continue for an initial period of 10… Read More >>
HSBC Shuffles Executive Lineup for 2018
Stuart Gulliver to Retire February 2018 HSBC Holdings plc reports that John Flint, 49, chief executive of retail banking and wealth management, will succeed Stuart Gulliver as executive director and group chief executive, following Gulliver’s retirement in February 2018. Flint’s remuneration in his new post will consist of a “base salary of £1,200,000 per annum… Read More >>
Broadridge Acquires Summit Financial Disclosure
Broadridge, Summit to Integrate Offerings Broadridge Financial Solutions recently announced that it has acquired Summit Financial Disclosure, a financial document management solutions provider in an effort to provide an end-to-end service. The acquisition will lead to the integration of Summit’s document composition and regulatory filing services with Broadridge’s proxy voting and shareholder communications services, officials… Read More >>
UBS Adds Six Banks to Crypto-Currency Settlement Push
The buzz around crypto-currency blockchain/distributed ledger technology (DLT) continues with UBS’s utility settlement coin (USC), adding six of the world’s largest banks — Barclays, HSBC, State Street, Credit Suisse, MUFG and the Canadian Imperial Bank of Commerce — to its roster. The new members join UBS, Deutsche Bank, Santander, BNY Mellon and the financial services… Read More >>
U.K.’s Chancellor Takes Softer Brexit Stance
The official Brexit negotiations started earlier this week with the meeting of Brexit Secretary David Davis and his European Union counterpart Michel Barnier. However, the battle lines are being drawn more on the U.K. domestic side than continental shores as Chancellor of the Exchequer Philip Hammond broke ranks by calling for Britain’s softer departure from… Read More >>
Bloomberg Becomes an Official LEI Distributor
LOU Accreditation Comes in Time for MiFID II Bloomberg, which made its fortune in market data, trading systems and news, is stepping into the Legal Entity Identifier (LEI) realm as an accredited Local Operating Unit (LOU) of the Global LEI System (GLEIS), officials say. The company has received “approval to issue and maintain” LEIs, and… Read More >>
HSBC Private Bank to Use Bloomberg Collateral Management System
Firms Prep for New Margin Requirements HSBC Private Bank and unnamed corporations and financial institutions have adopted Bloomberg’s MARS Collateral Management and reconciliation solution to help them meet new variation margin requirements for non-centrally cleared over-the-counter (OTC) derivatives, according to Bloomberg officials. “It’s a business imperative to trade these types of instruments, so compliance too… Read More >>
Major Banks to Mentor FinTech Startups in Asia
FinTech Innovation Lab to Help Eight Entrepreneurs Eight financial technology vendors with a range of new offerings including a know your customer (KYC) combination with distributed ledger technology, have been accepted into a 12-week mentorship program in the third annual FinTech Innovation Lab Asia-Pacific, officials say. Other startups participating in the lab are working on… Read More >>
HSBC Cooperating with FBI FX Probe
HSBC is cooperating with a widely publicized U.S. Department of Justice investigation of two of its top foreign exchange trading officials who are charged with using confidential information about their client for personal gain and at the expense of that client. “HSBC has been and continues to cooperate in the DOJ’s foreign exchange investigation,” a… Read More >>
