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- Ex-UBS Compliance Officer, Day Trader Deny Insider Trading
- Private Equity’s Big Bets on Financial Tech
- Trump Reportedly Floats Making Rudy Giuliani Attorney General
- Mastercard Wins Dismissal of $18 Billion Class Action Suit
- Jailed Schroders Trader Also to Pay $456K for His 'Criminal Lifestyle'
- Raymond Lucia, Ex-Radio Host Asks U.S. Top Court to Rule On Administrative Law Judges
- As Trump Administration Circles the Drain, Anthony Scaramucci Finally Lands West Wing Job
- Internal Power Struggle Rattles Guggenheim Partners
- Why Most People Will Never Be Successful
- Top Deutsche Bank Trader Leaves After Risky Bets Led to $60Mn Loss
- Bank of America Picks Dublin as EU Hub Post Brexit
- E*Trade Rises 4% as Q2 Earnings Beat Estimates
- I Scream, You Scream, FINRA Screams For Ice Cream ... or ... FINRA Deep-Freezes Broker
- Senate Panel OK's David Kautter, Trump Pick for Top Treasury Tax Job
- OJ Simpson Granted Parole After 9 Years in Prison
- PayPal to Partner with JPMorgan
- BNY Mellon Beats on Q2 Earnings as Revenues Improve
- I Scream, You Scream, FINRA Screams for Ice Cream ... or ... FINRA Deep-Freezes a Broker
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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.]