HSBC says forex options trading is under EU antitrust scrutiny

19 February 2019 8:55pm
HSBC says EU investigators are looking into potentially anticompetitive contacts between banks related to foreign-exchange options trading. The bank received a request for information in October and the matter is "at an early stage," it said.

A spokesperson for the European Commission declined to comment.

“In October 2018, HSBC Holdings and HSBC Bank plc received an information request from the [commission] concerning potential coordination in foreign exchange options trading,” the bank said in a statement to the US Securities and Exchange Commission.

The foreign-exchange sector has been under investigation around the world for several years. The EU regulator has been running its own cartel probe in the wake of revelations in 2013 that currency dealers had been exploiting rigged benchmark rates.