(Source: www.businesstimes.com.sg)

BNP Paribas SA was fined US$246 million by the Federal Reserve for failing to prevent its currency traders’ from using electronic chatrooms to manipulate prices, according to a Monday statement from the regulator.

[WASHINGTON] BNP Paribas SA was fined US$246 million by the Federal Reserve for failing to prevent its currency traders’ from using electronic chatrooms to manipulate prices, according to a Monday statement from the regulator.

The Fed said the Paris-based lender’s deficiencies – which already led to a US$350 million settlement in May with the New York Department of Financial Services – constituted unsafe and unsound practices and ordered the bank to improve its oversight and internal controls over foreign-exchange trading. 

Earlier this year, a former BNP Paribas trader, Jason Katz, pleaded guilty to violating federal antitrust laws. The Fed barred him from the US banking industry in January.

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