Fed Will Exceptional Bnp Paribas $246 Million On ‘Dangerous And Unsound’ Forex Practices

The Federal Reserve Board said Monday that it will fine BNP Paribas and some subsidiaries $246 million for their “unsafe and unsound practices in the foreign exchange (FX) markets.
In January, the Fed banned a former BNP Paribas trader from the banking industry for his role in a manipulating foreign exchange prices.
In May, New York state regulators fined BNP Paribas $350 million for similar allegations of currency market manipulation.
“The board said the bank had insufficient oversight and controls over its FX traders, who allegedly discussed trading positions with competitors, using electronic chatrooms.
The trader, Jason Katz, pleaded guilty to the charge, as the Justice Department continued its global investigation into price-fixing of currency markets.

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