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US Fines BNP Paribas

US Fines BNP ParibasUS Fines BNP Paribas

US regulators on Monday fined French banking giant BNP Paribas $246 million for poor oversight of its foreign exchange traders who manipulated trading prices, CNA reported. The move came six months after the Federal Reserve permanently barred former BNP trader Jason Katz from the banking industry, for manipulating foreign exchange prices. “The firm failed to detect and address that its traders used electronic chat rooms to communicate with competitors about their trading positions,” the Fed said in a statement. The Fed also blocked BNP from ever rehiring any of the former employees involved in the incidents, the central bank said.

 

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