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.
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