The Federal Reserve Board yesterday announced that it will fine BNP Paribas S.A. and its U.S. subsidiaries $246 million for the firm's unsafe and unsound practices in the Forex markets. This follows the massive fine at the New York state level in May when the New York Department of Financial Services (NYDFS) fined the bank…
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French bank BNP Paribas (BNPP) has today been struck with a $350 million USD fine by New York State's banking regulator. 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…
Read moreBank Forex executive Mark Johnson, HSBC's global head of foreign exchange cash trading in London has reportedly been arrested at New York's John F. Kennedy airport, charged with front-running customer orders. According to press reports, Mr. Johnson has become the first person to be charged in the Justice Department's three-year probe into forex rigging at global banks. He…
Read moreThe Swiss Financial Market Supervisory Authority (FINMA) today announced that has issued industry bans of between one and five years against six managers and traders formally employed in the foreign exchange and precious metals business of UBS AG (SWX:UBSN). The watchdog concluded that the six individuals were responsible for the breaches of regulation at UBS…
Read moreThe bill over FX market manipulation keeps growing for big investment giants, with three of the UK's biggest banks - Barclays PLC (LON:BARC), HSBC Holdings plc (LON:HSBA), and Royal Bank of Scotland Group plc (LON:RBS), agreeing on Thursday to pay a total compensation of £600 million ($924 million) to victims of Forex manipulation in the…
Read moreAlgorithms are now used to carry out 90% of orders placed at the daily fix rate, compared with about 5% before the 4pm FX fix investigation.
Read moreThe former Citigroup employee is set to challenge his dismissal at a London court today.
Read moreBloomberg first reported on the confidential investigation in which U.S prosecutors are using cooperation agreements it reached with banks in May to gather information and interview traders about suspected market rigging.
Read moreFX traders have been shocked into behaving themselves as a result of the recent regulatory fines, prosecutions and law suits surrounding the FX rate manipulation among bank traders, but it might not last, says BoE director Chris Salmon
Read moreJeong Jae-chan, the chairman of South Korea’s Fair Trade Commission, told a parliamentary hearing that an investigation had begun, although he did not elaborate.
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