Fed Fines BNP Paribas $246 Million Over FX Trader Supervision

By Steve Goldstein Markets MarketWatch Pulse

BNP Paribas has been fined $246 million by the Federal Reserve over its failure to detect and address that its currency traders used electronic chatrooms to communicate with competitors about their trading positions. In January, the Fed barred former BNP trader Jason Katz from participating in the banking industry for manipulating FX prices. The Fed said the activity covered June 2007 through Oct. 2013.

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