FX.co ★ US Federal Reserve fines BNP Paribas $246 million

Paris-based lender BNP Paribas will pay $246 million to settle the Federal Reserve’s allegations of improper trading practices in currency markets.

The Fed said that the bank was fined for "unsafe and unsound practices in the foreign exchange markets." It also stressed that BNP Paribas must improve its control over foreign exchange trading.

In May, the New York Department of Financial Services fined the French bank $350 million for similar allegations of currency market manipulation occurred between 2007 and 2013. Its traders allegedly used chat rooms to influence currency rates.

The new fine brings the bank's bill for the misconduct to nearly $600 million, the Financial Times noted.