Fed Fines BNP Paribas $246 Mln For Unsafe And Unsound Practices In FX Markets

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(RTTNews.com) - The Federal Reserve Board said that it will fine BNP Paribas S.A. (BNPQY.PK, BNP.L) and certain of its U.S. subsidiaries $246 million for the firm's unsafe and unsound practices in the foreign exchange markets.

The Board levied the fine after finding deficiencies in BNP Paribas's oversight of, and internal controls over, FX traders who buy and sell U.S. dollars and foreign currencies for the firm's own accounts and for customers.

The firm failed to detect and address that its traders used electronic chatrooms to communicate with competitors about their trading positions.

In January 2017, the Board permanently prohibited former BNP Paribas trader Jason Katz from participating in the banking industry for his manipulation of FX prices. The Board is also prohibiting the firm from re-employing individuals who were involved in the conduct underlying this enforcement action.

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This article appears in: Stocks , World Markets , Banking and Loans , Politics
Referenced Symbols: BNPQY

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