Bnp paribas forex fine


bnp paribas forex fine

To further avoid detection, group members went so far as to use their personal e-mail to distribute the secret codebook. The investment bank was found to have manipulated prices on an electronic FX trading platform with non-bona fide trades, and bids and offers with agreements on prices to" specific clients. The Justice Department said the conspiracy involved price manipulation on an electronic trading platform through the creation of bogus trades, coordinated trading, and agreements on what prices to" to specific customers, among other means. Jason Katz was found to have supressed competition by fixing prices in Central and Eastern European, Middle Eastern and African currencies. The Justice Department said BNP Paribas will not be put on probation, given its substantial efforts to improve oversight and avoid a recurrence. The trader explicitly labeled the group a cartel, in his chats, and called the group of traders that were colluding with him to manipulate the price of the South African rand, ZAR Domination, after the rands trading symbol, which is Zar. The banks traders colluded with rivals in online chat rooms, executed fake trades and improperly shared confidential customer information with traders at other banks, DFS said.

BNP Paribas said it deeply regrets the past misconduct, which occurred between 20, the bank said in a statement Wednesday. A spokeswoman for Deutsche Bank on Wednesday declined to comment on that investigation. N Royal Bank of Scotland Group Plc (. The bank is being held responsible for its Foreign Exchange Cartel manipulating foreign exchange rates, engaging in collusion, executing fake trades, coordinating trades to enhance profits at customers expense, and improperly sharing confidential customer info for many years. Elsewhere, a BNP Paribas trader in Tokyo improperly shared customer information on the trading of yen with seven rival traders, according to DFS. BNP Paribas plea followed the Jan. BNP Paribas USA admitted to having conspired to suppress competition by fixing prices for Central and Eastern European, Middle Eastern and African currencies from September 2011 to July 2013, violating.S. Sales personnel also misled customers about prices, and used hand signals while on the phone to decide whether to add undisclosed markups, according to the regulator. For example, traders adjusted their own prices in light of the extra information gleaned from their supposed competitors about the prices they were offering customers. Our Standards: The Thomson Reuters Trust Principles. One of the strategies employed by ZAR Domination involved pushing the rands price up during New York trading hours, when trading was less liquid, and thereby to depress competition by widening the currencys spread to increase the Banks profitability.


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