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| Top HSBC manager 'arrested in New York' | Top HSBC manager 'arrested in New York' |
| (35 minutes later) | |
| A senior HSBC executive has reportedly been arrested in New York for his alleged role in a conspiracy to rig international currency markets. | A senior HSBC executive has reportedly been arrested in New York for his alleged role in a conspiracy to rig international currency markets. |
| Mark Johnson, HSBC's global head of foreign exchange cash trading in London, was arrested at John F. Kennedy International airport on Tuesday, according to media reports. | Mark Johnson, HSBC's global head of foreign exchange cash trading in London, was arrested at John F. Kennedy International airport on Tuesday, according to media reports. |
| HSBC was one of six banks fined by UK and US regulators over their traders' attempted manipulation of foreign exchange rates in November 2014. | |
| HSBC has so far declined to comment. | HSBC has so far declined to comment. |
| Mr Johnson, who joined HSBC in 2010, is expected to appear in a federal court in Brooklyn later on Wednesday, according to Bloomberg which first reported the news. | |
| HSBC reported last August that it had set aside $1.3bn for possible settlements to cover costs related to ongoing legal investigations. | |
| About 40% of the world's currency dealing is estimated to go through trading rooms in London. | |
| The massive market, in which $5.3 trillion worth of currencies are traded daily, dwarfs the stock and bond markets. | |
| There is no physical forex marketplace and nearly all trading takes place on electronic systems operated by the big banks and other providers. | |
| Daily "spot benchmarks" known as "fixes" are used by a wide range of financial and non-financial firms to, for example help value assets or manage currency risk. |