BNP Paribas (BNPQY) , a Paris-based international banking group, today agreed to pay $350 million to New York's Department of Financial Services for allowing over a dozen traders and salespersons in key trading hubs to manipulate foreign exchange prices, Reuters reports.
New York's bank regulator found that the bank failed to supervise its global foreign exchange unit adequately.
Foreign exchange traders in New York and London conspired in online chat rooms to manipulate the currency prices, the regulator said.
Between 2007 and 2011, traders executed fraudulent trades to manipulate exchange rates of emerging market currencies, and improperly shared confidential customer information with traders at other large banks.
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