Log in
Forgot password ?
Become a member for free
Sign up
Sign up
Dynamic quotes 

4-Traders Homepage  >  News  >  Economy & Forex  >  All News

News : Economy & Forex

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance ProfessionalsCalendarSectors 
All NewsEconomyCurrencies / ForexEconomic EventsPress releases

U.S. Federal Reserves fines BNP Paribas $246 million for foreign exchange fixing

share with twitter share with LinkedIn share with facebook
share via e-mail
07/18/2017 | 12:45am CEST
FILE PHOTO: A man is seen in silhouette as he walks behind the logo of BNP Paribas in a building in Issy-les-Moulineaux, near Paris

The Federal Reserve announced on Monday it had fined BNP Paribas $246 million for "unsafe and unsound" practices in its foreign exchange markets, saying it had found deficiencies in the bank’s oversight and internal controls of its traders.

The Fed said the bank had failed to detect and address the use of electronic chatrooms used by those traders to talk with competitors about trading positions.

The fine marks the latest action taken by the U.S. 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 a statement, BNP Paribas said it "deeply regrets the past misconduct which was a clear breach of the high standards on which the group operates."

In January, the Fed permanently barred one of the bank’s former traders, Jason Katz, from participating in the industry in the future over manipulation of FX prices. The Fed also is barring the bank from re-hiring any of the people involved in the activity that led to the fines.

Katz, who also spent time at Barclays, pleaded guilty to participating in a price-fixing conspiracy in January.

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.

By Pete Schroeder

share with twitter share with LinkedIn share with facebook
share via e-mail
Latest news "Economy & Forex"
10:40a ENERGY UK : Response to Government's announcement to tackle air pollution
10:39a U.S. new home sales rise in June, but trend softening
10:38a U.S. new home sales rise in June, but trend softening
10:35a RFA RENEWABLE FUELS ASSOCIATION : USGC, Growth Energy, RFA Statement on Delay of Decision to Impose U.S. Ethanol Import Tariff
10:30a SACMI IMOLA S C : Deutsche Extrakt Kaffee goes for Sacmi Packaging BIB solutions
10:30a WORLD BANK : New Trade Information Portal Improves Transparency in Vietnam
10:30a NYSERDA NEW YORK STATE ENERGY RESEARCH AND DEVEL : Statement from Governor Andrew M. Cuomo on Federal Ruling in Support of Clean Energy Standard
10:22a Canada's top court finds aboriginals consulted on Enbridge pipeline
10:20a PENNSYLVANIA FISH AND BOAT COMMISSION : PFBC Board Keeps Closed Season on Bass in Susquehanna, Juniata Rivers
Latest news "Economy & Forex"