HSBC Holdings will pay a $63.1 million penalty and $38.4 million in disgorgement and restitution to settle charges it conducted front-running of two of its clients. According to the Justice Department, on two separate occasions in 2010 and 2011, traders on its foreign exchange desk misused confidential information provided to them by clients that hired HSBC to execute multi-billion dollar foreign exchange transactions involving the British Pound Sterling. HSBC previously settled with one of its victims, paying $8 million to Cairn Energy . The Justice Department didn’t identify the other client.
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