BNP Paribas Fined $246 Million By Fed over Rigging of Forex Markets

Paterniano Del Favero
Luglio 18, 2017

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 US central bank has fined BNP Paribas $246m (£189m), the latest punishment in a currency rigging scandal that has led to billions in fines on both sides of the Atlantic.

BNP Paribas said in a statement that it "deeply regrets the past misconduct which was a clear breach of the high standards on which the Group operates".

The scandal has touched banks that include Barclays, the Royal Bank of Scotland, Deutsche Bank, UBS and JP Morgan Chase.

In January 2017, the board permanently prohibited former BNP Paribas trader Jason Katz from participating in the banking industry for what it said was his manipulation of FX prices.

BNP said the misconduct occurred between 2007 and 2013 the company has taken steps to strengthen oversight.

In addition to the fine, the Fed ordered BNP Paribas to overhaul how its senior management conducts oversight, and heighten controls on its foreign exchange trading.

Earlier in May, New York regulators have accused more than a dozen traders and salespeople working for the Paris-based bank of manipulating the $5.3 trillion a day forex market and other illegal activity over the course of six years.

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