HSBC Holdings Plc has recently agreed to pay a $75 million settlement to the U.S. Commodity Futures Trading Commission (CFTC). The charges were related to manipulative and deceptive trading practices, as well as record-keeping failures within several units of the global banking and financial services organization. HSBC Bank USA, in particular, has agreed to a $45 million civil penalty in connection with swaps, spoofing, and record-keeping failures. Other entities within the HSBC group, including HSBCA Bank USA, HSBC Bank Plc, and HSBC Securities, admitted to charges associated with record-keeping and supervision failures, agreeing to a collective $30 million settlement. The charges allege that between March 2012 and April 2016, HSBC traders engaged in manipulative and deceptive trading involving interest rate swaps and other financial products. In certain instances, bank supervisors were aware of this conduct, with one instance involving a senior manager who directed the wrongdoing.