BNP Fined $650K For Alleged Risk Management Failures

Law360, London (July 31, 2020, 11:39 PM BST) -- A BNP Paribas unit allegedly ran a trading desk with inadequate risk controls, causing it to execute a range of potentially erroneous customer orders, and took years to fix the problems in many instances, according to a $650,000 settlement the broker-dealer reached with the Financial Industry Regulatory Authority.

The trading desk at a subsidiary of BNP Paribas failed to monitor potentially erroneous trades, the regulator said in a settlement letter. (iStock) BNP Paribas Securities Corp.'s global execution services trading desk failed to monitor potentially erroneous trades, including those that exceeded customer credit thresholds, were priced too high, reflected unintended duplicate orders...

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