The bank BNP Paribas, an international banking group based in Paris, has to accept today pay the sum of $ 350 million to the Department of Financial Services of New York, for having authorized more than a dozen of its traders and salespeople within the offices of trading keys, to manipulate the course of the Forex market as reported by the Reuters news agency. The regulator of the banks of New-York has found that the bank had not adequately supervised his unit global forex trading, which enabled this fraud, and cost him this fine.
The forex traders who were acting for the account of the BNP were, and who have carried out this manipulation in the forex were based in New York and London, they have conspired through chat or online discussion so as to manipulate the prices of currencies, said the regulator.
Between 2007 and 2011, the traders were known to have executed fraudulent transactions to manipulate the price of the currencies of emerging markets. Among the currencies handled there is, for example, the south african rand (ZAR).
We doubt so easily manipulate the price of the forex is not doable easily, especially on the major currencies such as the euro or the dollar, which represents a significant share of the 4,000 billion dollars of daily transactions performed on the forex market. A market manipulation is extremely difficult to produce and thus it is that the Forex market is not rigged, this case is isolated, and the least we can say is that it will cost very dear to the BNP Paribas (whose action is available to the trading at the broker eToro).