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Pin to quick picksHSBC Holdings Share News (HSBA)

Share Price Information for HSBC Holdings (HSBA)

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Share Price: 705.50
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UPDATE 1-CFTC subpoenaed HSBC Bank USA for documents on metals trading

Mon, 23rd Feb 2015 14:44

* CFTC, Dept of Justice request documents on precious metalsops

* HSBC, other banks named in precious metals lawsuits lastyear (Adds background, detail)

By Jan Harvey

LONDON, Feb 23 (Reuters) - The Commodity Futures TradingCommission issued a subpoena to HSBC Bank USA in January seekingdocuments related to the bank's precious metals tradingoperations, HSBC said in its annual report and accountsstatement on Monday.

The U.S. Department of Justice also issued a request to HSBCHoldings in November seeking documents related to a criminalantitrust investigation that the DoJ is conducting in relationto precious metals, it added.

"HSBC is cooperating with the U.S. authorities in theirrespective investigations," the bank said. "These matters are atan early stage."

HSBC was one of a number of banks named in lawsuits filed inU.S. courts last year alleging a conspiracy to manipulate gold,silver, platinum and palladium prices, plus precious metalsderivatives, during the daily precious metals fixes.

HSBC said in Monday's statement that it filed a responsethis month to an amended consolidated class-action complaintconcerning gold that was filed in December 2014, and that itwill respond next month to allegations of silver price fixing.

It did not disclose any details about the response.

The banks involved in production of precious metalsbenchmarks, known as the 'fixes', said last year that they wouldno longer administer that process.

An electronic daily silver price benchmark is nowadministered by Thomson Reuters and CME Group, while the LondonMetal Exchange provides twice-daily benchmark platinum andpalladium prices.

ICE Benchmark Administration (IBA) will run an electronicgold price benchmark from March 20 to replace the century-oldLondon gold fix. (Reporting by Jan Harvey; Editing by Veronica Brown and KeithWeir)

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