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- IPO Timelines Cut by 80% After SEC's Private Filing Decision
- How the Carried Interest Break Survived the Tax Bill
- FINRA: The Neutral Corner
- Coinbasex Says Buying and Selling Temporarily Disabled Amid Price Rout
- Bitcoin plunges by more than a third in a single day
- Goldman Is Setting Up a Cryptocurrency Trading Desk
- Jefferies Lets Employees Choose When to Receive Their Bonuses
- UBS Told to Pay $903K After Losing Retaliation Verdict
- BEWARE: Long Island Iced Tea Shares Soar After Changing Name to Long Blockchain
- Gary Cohn’s Last Laugh: Cashing Out on Trump’s Tax Plan
- E*Trade Lets Customers Trade in CBOE Bitcoin Futures
- Swiss Find Serious Shortcomings at JPMorgan in 1MDB Case
- Washington-based Investment Adviser and His Business Partner Charged in Multi-Million Dollar Scheme
- FINRA Board of Governors Meeting
- Cryptocurrency Market Now Doing Same Daily Volume as the NYSE
- Jailed Barclays Trader Must Pay $400,000 From Libor Profits
- Trump Asks ‘How’s Your 401(k)?’ But Most Voters Don’t Have One
- A Bitcoin Hedge Fund’s Return: 25,004% (That Wasn’t a Typo)
- Madoff Victims Near Full Recovery of Principal With Payout
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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.]