The $US246 million fine for currency manipulation

Author: Eamonn Sheridan | Category: Central Banks

The Wall Street Journal carries a report on a USD 246 million fine dished out to BNP Paribas

Traders at the French bank who buy and sell U.S. dollars and other currencies used electronic chat rooms to collude with rivals to manipulate prices and benchmark rates, the Fed said in a statement. It ordered BNP Paribas to improve its senior management oversight and controls relating to the firm's foreign-exchange trading.

And to cough up a big chunk of change ...

(It's the Journal so it may be gated)