US Federal Reserves fines BNP Paribas $246 mln for foreign exchange fixing

18 Juillet, 2017, 01:22 | Author: Marc Bacque
  • US Federal Reserves fines BNP Paribas $246 mln for foreign exchange fixing

The Fed also blocked BNP from ever re-hiring any of the former employees involved the incidents, the central bank said.

Authorities say traders at different firms used online chat rooms to share information about currency bids without adequate oversight from their banks.

Cases against traders are ongoing.

In a statement, BNP Paribas said it "deeply regrets the past misconduct which was a clear breach of the high standards on which the group operates". The board has also slapped UBS, Deutsche Bank and Barclays with enforcement actions.

In addition to the fine, the Fed ordered BNP Paribas to overhaul how its senior management conducts oversight, and heighten controls on its foreign exchange trading.

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Jason Katz, a former BNP Paribas trader, in January pleaded guilty - the first person to do so - to violating U.S. competition laws while conspiring over the USA and South African Rand in January.

The fine marks the latest action taken by the USA 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.

The bank said the fine is related to activity that occurred between 2007 and 2013.

In March 2016 the UK's Serious Fraud Office (SFO) closed its criminal investigation into allegations of price-rigging in the foreign exchange market.

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