US Fed fines BNP Paribas 246 mln United States dollars for forex fixing manipulation

BNP Paribas

Fed Fines BNP Paribas $246 Million for Forex Dealings

The U.S. central bank also prohibited the French company from re-employing individuals involved in the activity that led to the fines.

The Fed said the bank had failed to detect and address the use of electronic chatrooms used by those traders to talk with competitors about trading positions.

Cases against traders are ongoing.

The fines come amid a larger Federal Reserve Board investigation of currency market manipulation.

The scandal has touched banks that include Barclays, the Royal Bank of Scotland, Deutsche Bank, UBS and JP Morgan Chase.

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

The Board's order requires BNP Paribas to improve its senior management oversight and controls relating to the firm's FX trading.

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.

The case, concerning actions that occurred roughly between 2007 and 2013, is being tried in NY.

BNP Paribas said in a statement that it "deeply regrets the past misconduct which was a clear breach of the high standards on which the Group operates".

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