US Federal Reserve fines BNP Paribas $246 million for 'unsafe and unsound' FX trading

Business Insider | 7/17/2017 | Pete Schroeder, Reuters
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WASHINGTON (Reuters) - The Federal Reserve announced Monday it was fining BNP Paribas $246 million for "unsafe and unsound" practices in its foreign exchange markets.

The regulator said it found deficiencies in the bank’s oversight and internal controls of its traders, and in particular failed to detect and address those traders use of electronic chatrooms to talk with competitors about trading positions.

Action - US - Bank - Part - Crackdown

The fine marks the latest action taken by the US central bank as part of a long-running crackdown on price-fixing across foreign exchange markets, in which several banks have already pleaded guilty to conspiring to manipulate currency prices.

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