BNP Paribas Fined $246 Million Over Currency Manipulation
- Fed faults French bank’s oversight of foreign-exchange traders
- BNP failed to halt improper chat room communications, Fed says
A logo sits on metalwork outside the headquarters of BNP Paribas SA in Paris, France, on Tuesday, Aug. 4, 2015. BNP Paribas pledged to deepen cuts at its investment bank even as higher trading revenue helped bolster second-quarter profit.
Photographer: Jason Alden/BloombergThis article is for subscribers only.
BNP Paribas SA agreed to pay $246 million to settle Federal Reserve allegations that the bank failed to keep its currency traders from using electronic chatrooms to manipulate prices.
The Fed ordered the Paris-based lender to improve its oversight and internal controls for foreign-exchange trading. BNP Paribas also agreed to $350 million settlement in May with the New York Department of Financial Services over the deficiencies.