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- Richard Jenrette, Co-Founder of DLJ Investment Bank, Dies at 89
- Goldman Sachs Makes First Hire in Cryptocurrency Markets Unit
- Special FINRA Election to Fill Large Firm Governor Vacancy
- Chicago-Based Investment Adviser Sentenced to 151 Months in Prison - SEC
- Dun & Bradstreet Hit With FCPA Violations - SEC
- SEC Charges Additional Defendant in Fraudulent ICO Scheme
- Warren Buffett Simply Blew it on Wells Fargo Stock: Dick Bove (Video)
- Barclays and Deutsche Bank to Lag U.S. Trading Peers
- NY AG Schneiderman Seeks to Close Loophole That Could Let Trump Pardons Block State Charges
- 'Fearless Girl' is Moving to NYSE After Year Staring Down 'Charging Bull'
- What's In Your Wallet - American Express Shares Soar After Earnings Release
- Deutsche Bank's Executive Departures Continue Following Change in CEO
- Reflections of an Economist Commissioner (SEC's Piwowar)
- Billionaire HF Manager and The Fed Chair Runner-Up are Investing in New Cryptocurrency
- Court Finds 2 Brokers Liable for Fraud Involving Mortgage-Backed Securities
- One FINRA: An Organization’s Commitment to Diversity and Inclusion
- 2018 GASB Accounting Support Fee to Fund the Governmental Accounting Standards Board
- Barclays Eyes Move Into Cryptocurrency Trading
- Goldman Breaks From Wall Street Pack with Bond-Trading Boom
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NEWSLETTERS & ALERTS
BNP Paribas to Pay $246Mn Over Forex Manipulation
BNP Paribas agreed to pay $246 million in fines to settle Federal Reserve charges that the bank and some of its subsidiaries failed to keep its FX traders from using electronic chat rooms to discuss trading positions with competitors. A former employee, Jason Katz, previously pleaded guilty to price fixing charges.
The Federal Reserve’s announcement included the following statement:
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. The Board's order requires BNP Paribas to improve its senior management oversight and controls relating to the firm's FX trading.
The Fed said the Paris-based lender’s deficiencies - which also led to a $350 million settlement in May with the New York State Department of Financial Services (NYSDFS) - constituted “unsafe and unsound practices” and ordered the bank to improve its oversight and internal controls over foreign-exchange trading. The Fed’s order focused on the period 2007 and 2013.
BNP Paribas expressed its deep regrets for "the past misconduct which was a clear breach of the high standards on which the Group operates."
[Click here to access the Federal Reserve Orders in the Matter of BNP Paribas, BNP Paribas USA, and BNP Paribas Securities.]