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- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
- Catherine Keating Appointed CEO of BNY Mellon Wealth Management
- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
- Massachusetts Jury Convicts CA Attorney of Securities Fraud
- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
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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.]