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US: BNP Paribas fined US$246m

 |  July 17, 2017

The Federal Reserve announced on Monday that it was fining BNP Paribas US$246 million for “unsafe and unsound” practices in its foreign exchange markets.

The regulator said it found deficiencies in the bank’s oversight and internal controls of its traders, and in particular failed to detect and address traders’ use of chatrooms to talk with competitors about trading positions.

The fine marks the latest action taken by the US 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.

Additionally, the Federal Reserve ordered BNP Paribas to overhaul how its senior management conducts oversight, and heighten controls on its FX trading.

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