Rigging fine hits HSBC

HSBC has agreed to pay $101.5million (£73million) to settle a US investigation into currency rigging.

Europe’s biggest bank has entered a three-year deferred prosecution agreement, meaning it will avoid criminal charges if it abides by terms.

The payment includes a $63.1million fine and restitution of $38.4million to a client. Foreign exchange traders misused confidential client information to benefit the bank in 2010 and 2011.

HSBC has agreed to take additional steps to enhance its compliance programme and internal controls.