{"id":6154,"date":"2017-05-30T20:03:12","date_gmt":"2017-05-31T01:03:12","guid":{"rendered":"https:\/\/www.institutionalinvestorsecuritiesblog.com\/?p=1587"},"modified":"2017-05-30T20:03:12","modified_gmt":"2017-05-31T01:03:12","slug":"bnp-paribas-settles-ny-currency-rigging-investigation-350m","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/bnp-paribas-settles-ny-currency-rigging-investigation-350m\/","title":{"rendered":"BNP Paribas Settles NY Currency Rigging Investigation for $350M"},"content":{"rendered":"

\t\t\t\tBNP Paribas will pay the New York Department of Financial Services (DFS) $350M to settle a probe into allegations that it was involved in currency rigging<\/a> in the bank\u2019s foreign exchange business. In a statement, the French bank said that it \u201cdeeply regrets\u201d the misconduct, which took place between \u201907 and \u201913. <\/p>\n

The DFS said that over a dozen BNP Paribas sales people and traders in NY as well as other trading hubs rigged forex rates and took part in other illegal activities. BNP Paribas traders worked in online chat rooms with traders from competing companies, making fake trades and improperly sharing customer information that should have stayed confidential. Members of the bank\u2019s sales team are also accused of misleading customers regarding prices. <\/p>\n

Among the alleged misconduct cited by the DFS is that of a BNP Paribas trader in NY who is accused of not only rigging different currencies but also of executing bogus trades overnight to move rates and then frequently cancelling the trades within seconds of making them. In another example cited, one of the bank\u2019s traders in Japan allegedly improperly disclosed customer information involving yen trading with several competitor traders.<\/p>\n

Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

BNP Paribas will pay the New York Department of Financial Services (DFS) $350M to settle a probe into allegations that it was involved in currency rigging in the bank\u2019s foreign exchange business. In a statement, the French bank said that it \u201cdeeply regrets\u201d the misconduct, which took place between \u201907 and \u201913. The DFS said […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3783],"tags":[2756,2804,2805],"class_list":["post-6154","post","type-post","status-publish","format-standard","hentry","category-broker-misconduct","tag-barclays","tag-bnp-paribas","tag-forex-rigging"],"yoast_head":"\nBNP Paribas Settles NY Currency Rigging Investigation for $350M — Investor Lawyers Blog — May 30, 2017<\/title>\n<meta name=\"description\" content=\"BNP Paribas will pay the New York Department of Financial Services (DFS) $350M to settle a probe into allegations that it was involved in currency rigging — May 30, 2017\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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