BNP Paribas fined by Fed over FX manipulation

The French bank is to pay $246 million to settle an investigation into misconduct

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Fed order: BNP Paribas has been told to improve its senior management oversight and controls in regard to FX trading

BNP Paribas has been ordered by the Federal Reserve Board (FRB) to pay $246 million on July 17, to resolve an investigation of misconduct in its foreign exchange business.

The FRB levied the fine on BNP Paribas SA and some of its US subsidiaries, after finding some FX traders who bought and sold US dollars and foreign currencies used electronic chatrooms to collude with members of other banks to manipulate prices and benchmark rates. The board also ordered BNP Paribas to improve its senior

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