Fed will fine BNP Paribas $246 million on ‘unsafe and unsound’ foreign exchange practices

Antoine Antoniol | Bloomberg | Getty Images

A sign with the BNP Paribas logo hangs above one of the bank’s branches in Paris, France.

The Federal Reserve Board said Monday that it will fine BNP Paribas and some subsidiaries $246 million for their “unsafe and unsound practices in the foreign exchange (FX) markets.”

The board said the bank had insufficient oversight and controls over its FX traders, who allegedly discussed trading positions with competitors, using electronic chatrooms.

This story is developing. Please check back for further updates.