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Pin to quick picksHSBC Holdings Share News (HSBA)

Share Price Information for HSBC Holdings (HSBA)

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UPDATE 1-Barclays gives information to U.S. precious metals probe

Tue, 03rd Mar 2015 10:31

* DoJ investigating precious metals ops at 10 banks -WSJ

* Precious metals lawsuits pending in U.S. courts (Adds background, Barclays results)

By Jan Harvey

LONDON, March 3 (Reuters) - Barclays has been providinginformation to an investigation into precious metals by the U.S.Department of Justice (DoJ), the bank said in its 2014 annualreport on Tuesday, a week after a similar statement by HSBC.

The DoJ and the Commodity Futures Trading Commission areinvestigating at least 10 banks for possible rigging of preciousmetals markets, the Wall Street Journal reported last week,citing people close to the inquiries.

Tuesday's acknowledgment of its involvement in theinvestigation comes after HSBC said in its annualreport on Feb. 23 that the DoJ had issued a request to HSBCHoldings in November seeking documents related to a criminalantitrust investigation it was conducting.

The latest investigation is a further distraction for a bankbattling to cut costs and boost profit even as it prepares tosettle allegations that its traders manipulated foreign exchangemarkets. Taking into account charges, provisions andrestructuring costs, the bank suffered a 21 percent drop infull-year net profit, it said on Tuesday.

Regulatory scrutiny of precious metals trading andbenchmarking has increased since the Libor rigging scandalexposed widespread manipulation of interest rates in the foreignexchange market.

Swiss regulator FINMA said in November that it found a clearattempt to manipulate precious metals benchmarks during itsinvestigation of precious metals and foreign exchange trading atUBS.

"The behaviour patterns in precious metals were somewhatsimilar to the behaviour patterns in foreign exchange," FINMAdirector Mark Branson said in a conference call withjournalists.

Germany's Bafin has been looking into how precious metalsbenchmarks are set, while Britain's Financial Conduct Authoritysaid it was broadly looking at gold as part of an investigationinto commodity benchmarks.

Meanwhile, multiple lawsuits have been filed in U.S. courts,alleging a conspiracy to manipulate precious metals prices.

The banks involved in producing global gold, silver,platinum and palladium benchmarks, known as the fixes, said lastyear they would no longer administer the standards.

A new silver benchmark is now administered by CME Group and Thomson Reuters, while the London MetalExchange produces platinum and palladium benchmarks. TheIntercontinental Exchange (ICE) will produce a new goldbenchmark from March 20. (Editing by David Goodman)

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UK shareholder meetings calendar - next 7 days

Monday 29 April 
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Hydrogen Future Industries PLCAGM
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KR1 PLCEGM re buying up to 15% of shares in issue
Ocado Group PLCAGM
Secured Property Developments PLCGM re name change to Mollyroe PLC
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Tuesday 30 April 
Amigo Holdings PLCGM re capital raise
Anglo American PLCAGM
BBGI Global Infrastructure SAAGM
CVC Income & Growth LtdAGM
Elementis PLCAGM
Minoan Group PLCAGM
Pebble Group PLCAGM
Robert Walters PLCAGM
Rotork PLCAGM
Wednesday 1 May 
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Alpha Group International PLCAGM
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Comments and questions to newsroom@alliancenews.com
  
A full 21-day events calendar is provided each day with a subscription to Alliance News UK Professional.
  
Copyright 2024 Alliance News Ltd. All Rights Reserved.

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UK earnings, trading statements calendar - next 7 days

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Ecora Resources PLCTrading Statement
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Hikma Pharmaceuticals PLCTrading Statement
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Ibstock PLCTrading Statement
Inchcape PLCTrading Statement
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London Stock Exchange Group PLCQ1 Results
Persimmon PLCTrading Statement
Pinewood Technologies Group PLCFull Year Results
PPHE Hotel Group LtdTrading Statement
PureTech Health PLCFull Year Results
Relx PLCTrading Statement
Renewi PLCTrading Statement
Schroders PLCQ1 Results
Skillcast Group PLCFull Year Results
Travis Perkins PLCTrading Statement
Trifast PLCTrading Statement
Unilever PLCQ1 Results
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WH Smith PLCHalf Year Results
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Kingspan Group PLCTrading Statement
NatWest Group PLC Q1 Results
Pearson PLCTrading Statement
Record PLCTrading Statement
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HSBC Holdings PLCQ1 Results
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Comments and questions to newsroom@alliancenews.com
  
A full 21-day events calendar is provided each day with a subscription to Alliance News UK Professional.
  
Copyright 2024 Alliance News Ltd. All Rights Reserved.

Read more

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