Losses & Lawsuits
Our monthly review of fraud management failure, human error and other operational hazards at financial firms around the world, distilled from the First database of operational risk loss events and case studies
HSBC (HSBC Canada)
HSBC Securities (Canada) announced on August 31 that it had reached a settlement related to market timing for C$1.16 million (USD $973,808) with Investment Dealers Association of Canada. The settlement covers alleged improper market timing trades of mutual fund shares from January 1, 2002 through July 1, 2002.
HSBC Securities is the brokerage arm of the largest foreign bank operating in Canada. This settlement follows on the heels of a number of similar ones in Canada.
Canada's
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