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You're browsing: HSBC News » General News » Article Title: Hungary fines HSBC over bond market deal
11
Feb
Hungary fines HSBC over bond market deal
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Hungary’s financial watchdog PSZAF said on Wednesday it has fined HSBC 80 million forints ($350,400) for deals in October 2008 that influenced government bond market prices in a way that broke Hungarian law. HSBC told Reuters it had commenced proceedings in Hungarian courts seeking a review of PSZAF’s decision.

PSZAF said HSBC registered sell offers in large volumes for the 2023/A bond, with low prices and high yields, on Oct. 10 in the trading system of a non-regulated (OTC) market to meet bid prices quoted by other market participants. “HSBC Bank plc delivered the securities after the settlement deadline, and it was not in possession of the sold quantities at the time of the transaction,” the watchdog said in a statement.

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