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7/17, 7:35 PM (Source: TeleTrader.com)
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Fed to fine BNP Paribas $246 million

United States Federal Reserve announced on Monday that it will fine BNP Paribas SA $246 million over its "unsafe and unsound practices" in the foreign exchange 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 US dollars and foreign currencies for the firm's own accounts and for customers," the Fed said in a statement. According to the central bank, the BNP Paribas "failed" to notice and react to the fact that its traders discussed their trading positions with competitors online. 

Fed added that it prohibits the French bank from "re-employing individuals who were involved" in the "manipulation of FX prices."

TeleTrader Newsroom / NP