Fed Hits BNP Paribas With $246 Million Fine

Judith Bessette
Julho 18, 2017

Authorities say traders at different firms used online chat rooms to share information about currency bids without adequate oversight from their banks.

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.

The Federal Reserve alone has issued more than $2bn in fines against seven banks tied to the scandal. The board has also slapped UBS, Deutsche Bank and Barclays with enforcement actions.

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.

Fed Hits BNP Paribas With $246 Million Fine

The fine marks the latest action taken by the USA central bank as part of a long-running crackdown on price-fixing across foreign exchange markets, in which several banks have already pleaded guilty to conspiring to manipulate currency prices.

In addition to the fines, the Fed also required BNP Paribas to improve its senior management oversight and controls over forex trading.

The bank said the fine is related to activity that occurred between 2007 and 2013.

"BNP Paribas deeply regrets the past misconduct which was a clear breach of the high standards on which the Group operates", the bank said in a statement after the settlement was announced on Monday.

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