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Statement Of CFTC Commissioner Kristin N. Johnson Regarding CFTC Orders Against HSBC For Fraudulent And Manipulative Swaps Trading And Spoofing, And For Recordkeeping And Supervision Failures

Date 12/05/2023

Today, the Commodity Futures Trading Commission (CFTC or Commission) issued two orders settling charges against, respectively, (i) HSBC Bank USA, N.A. (HSBC) for fraudulent and manipulative swaps trading and spoofing; and (ii) HSBC, HSBC Securities (USA) Inc., and HSBC Bank plc (collectively, HSBC Affiliates) for failing to maintain, preserve, and produce records in compliance with CFTC recordkeeping requirements with respect to certain offline communications (often carried out through chat or social media messaging platforms). HSBC and the HSBC Affiliates also failed to diligently supervise matters related to their CFTC-registered businesses with respect to each set of conduct. These orders require HSBC to pay $45 million for the fraudulent and manipulative swaps trading and spoofing, and related violations, and the HSBC Affiliates to pay $30 million for the violations relating to offline communications. HSBC and the HSBC Affiliates also must implement immediate and effective remediation measures to ensure compliance with the relevant Commodity Exchange Act (CEA) and Commission regulations, including ensuring appropriate recordkeeping and supervision.
Statement Of CFTC Commissioner Caroline D. Pham On Spoofing In Voice Brokered Swaps Markets

Date 12/05/2023

I support this enforcement action against HSBC Bank USA, N.A., and thank the Division of Enforcement for their hard work on this matter. Fraud, manipulation, and disruptive trading practices have no place in our markets. I commend the Division for their aggressive pursuit of wrongdoing to the fullest extent permissible by law.
Statement Of CFTC Commissioner Christy Goldsmith Regarding HSBC For Market Manipulation And Widespread Use Of WhatsApp And Other Unauthorized Communications Platforms To Evade Regulatory Oversight

Date 12/05/2023

I support the enforcement action that the CFTC brings today against HSBC Bank USA, N.A. because it protects market integrity, brings accountability for market manipulation, and builds on the CFTC’s record of holding banks accountable for their pervasive use of unauthorized communications to evade regulatory oversight. The communications between traders in the records that were properly kept reveal HSBC’s manipulative trading practices, and serve as an example of just how critical regulatory visibility into trader communications is to protect markets and investors, and promote market integrity.
CFTC Orders HSBC Bank USA, N.A. To Pay A $45 Million Penalty For Manipulative And Deceptive Trading In Connection With Swaps Related To Bond Issuances, Spoofing, And Supervision And Mobile Device Recordkeeping Failures

Date 12/05/2023

The Commodity Futures Trading Commission today issued an order simultaneously filing and settling charges against HSBC Bank USA, N.A. (HSBC), a provisionally registered swap dealer. The order charges HSBC with manipulative and deceptive trading related to swaps with bond issuers, spoofing, and supervision and mobile device recordkeeping failures at various times during approximately an eight-year period.
CFTC Orders HSBC To Pay A $30 Million Penalty For Recordkeeping And Supervision Failures For Widespread Use Of Unapproved Communication Methods

Date 12/05/2023

The Commodity Futures Trading Commission today issued an order simultaneously filing and settling charges against HSBC Bank USA, N.A., a provisionally registered swap dealer, HSBC Securities (USA) Inc., a futures commission merchant, and HSBC Bank plc, a provisionally registered swap dealer (collectively HSBC Affiliates). The order charges HSBC Affiliates with failing to maintain, preserve, or produce records that were required to be kept under CFTC recordkeeping requirements, and failing to diligently supervise matters related to their businesses as CFTC registrants.

Remarks At ICAEW Event – World-Class Regulation: Building Trust And Transparency In International Markets, SEC Commissioner Mark T. Uyeda, London, United Kingdom, May 12, 2023

Date 12/05/2023

Thank you, Julia [Penny] for that introduction. And thank you to the ICAEW for inviting me to share some thoughts on corporate accounting standards in a global context, particularly between the United States and the United Kingdom. New York and London have been top destinations for corporate issuers to raise capital, and one significant factor has been high-quality financial reporting requirements for companies listed in those jurisdictions. My remarks reflect solely my views as an individual Commissioner of the U.S. Securities and Exchange Commission (the “Commission” or “SEC”) and do not necessarily reflect the views of the full Commission or my fellow Commissioners.
US Treasury Department Releases Guidance To Boost American Clean Energy Manufacturing

Date 12/05/2023

As part of the Biden-Harris Administration’s Investing in America strategy, the U.S. Department of the Treasury and Internal Revenue Service (IRS) today released guidance that provides detailed information about the domestic content bonus under the Inflation Reduction Act for clean energy projects and facilities that meet American manufacturing and sourcing requirements. The guidance was developed in partnership with the Department of Energy and Department of Transportation.
Moscow Exchange: Updated Constituents List For OFZ Zero Coupon Yield Curve To Come Into Force On 15 May 2023

Date 12/05/2023

On 15 May 2023, the following updated constituents list for OFZ Zero Coupon Yield Curve will come into force.
IOSCO Encourages Regulators, Responsible Entities And Trading Venues To Review And Adopt Good Practices For ETFs

Date 12/05/2023

The Board of the International Organization of Securities Commissions (IOSCO) today published Good Practices Relating to the Implementation of the IOSCO Principles for Exchange Traded Funds covering effective product structuring, disclosure, liquidity provision, and volatility control mechanisms.
Malawi Stock Exchange Weekly Summary - 12 May 2023

Date 12/05/2023

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