BNP Paribas Fined by Fed Over Currency Manipulation
17 Julio 2017 - 2:46PM
Noticias Dow Jones
By Nick Kostov
PARIS -- French bank BNP Paribas SA on Monday agreed to pay $246
million to the U.S. Federal Reserve to resolve a probe of
misconduct in its foreign exchange business.
Traders at the French bank who buy and sell U.S. dollars and
foreign currencies used electronic chat rooms to collude with
rivals to manipulate FX prices and benchmark rates, the Fed said in
a statement. It ordered BNP Paribas to improve its senior
management oversight and controls relating to the firm's FX
trading.
BNP Paribas, which also agreed to a $350 million settlement in
May with New York's state banking regulator over the deficiencies,
said it "deeply regrets the past misconduct which was a clear
breach of the high standards on which the group operates." It added
that it has improved its systems of control by increasing resources
and staff dedicated to compliance, conducting staff training and
launching a new code of conduct that applies to all staff.
BNP Paribas is the latest in a line of banks fined for its
failure to stop traders from trying to manipulate foreign exchange
markets. Several global banks including Barclays PLC, Citigroup
Inc. and J.P. Morgan Chase & Co. have together paid billions of
dollars in fines in recent years after being accused of putting
profits over the law.
BNP Paribas said the misconduct took place between 2007 and
2013. In January, the Fed banned former BNP Paribas trader Jason
Katz, who pleaded guilty to violating federal antitrust laws, from
working in the U.S. banking industry for his manipulation of FX
prices. It also barred the French lender from re-employing
individuals who were involved in the misconduct.
Write to Nick Kostov at Nick.Kostov@wsj.com
(END) Dow Jones Newswires
July 17, 2017 15:31 ET (19:31 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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