Apart from UBS, the Hong Kong Monetary Authority (HKMA) have included HSBC and a number of other banks to ascertain whether there have been any inappropriate market conducts in their benchmark rate submissions, according to Reuters.
In December 2012, the regulator initiated investigation against Swiss banking major UBS to probe possible misconduct relating to its submissions for the Hong Kong Interbank Offered Rate (Hibor).
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
HSBC declined to comment on the matter. In its annual report released in March, the bank noted that it was subject to a number of regulatory proceedings on benchmark rate submissions in the UK, US, Canada, the European Union, Switzerland and Asia.
Last week the Monetary Authority of Singapore (MAS) revealed that that traders from 20 banks, including HSBC, had tried to inappropriately influence benchmark rates in the Southeast Asian city-state.
As home regulator of HSBC in Hong Kong, the HKMA has asked HSBC to promptly implement remedial measures and actions as required by the MAS.
The regulator claimed that so far in its investigation it has reviewed millions of communication records and it hopes to conclude it as soon as is practicable.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataThe 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.
