HSBC shifts part of US precious metal trades to UK
US subsidiary transfers all related market risk to headquarters
HSBC moved to consolidate precious metal trading under one roof in the third quarter, transferring all associated market risk, and part of its physical assets, from its US subsidiary to the non-ringfenced UK unit.
HSBC USA Inc sold around $900 million worth of physical inventory to HSBC Bank Plc during the quarter, part of a decision to refer all stateside precious metal financing and trading clients to the London desk going forward.
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