PRESS RELEASE: Fed Fines BNP Paribas, Units $246 Million For 'Unsound' Forex Practices
July 17 2017 - 01:27PM
Dow Jones News
July 17, 2017
The Federal Reserve Board on Monday announced that it will fine
BNP Paribas S.A. and certain of its U.S. subsidiaries $246 million
for the firm's unsafe and unsound practices in the foreign exchange
(FX) markets.
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.
In January 2017, the Board permanently prohibited former BNP
Paribas trader Jason Katz from participating in the banking
industry for his manipulation of FX prices. The Board is also
prohibiting the firm from re-employing individuals who were
involved in the conduct underlying this enforcement action.
(END) Dow Jones Newswires
July 17, 2017 14:12 ET (18:12 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
BNP Paribas (EU:BNP)
Historical Stock Chart
From Feb 2024 to Mar 2024
BNP Paribas (EU:BNP)
Historical Stock Chart
From Mar 2023 to Mar 2024