BNP Paribas pay a fine of 350 million Dollar for manipulation of the Forex market :

BNP Paribas, the international banking group based in Paris, today agreed to pay 350 million Dollar to the Financial Services Department of New York for licensing more than a dozen of its traders and traders In key trading firms, to manipulate the market price of Forex as reported by the Reuters news agency. The regulator of the banks of New York found that the bank did not adequately oversee its overall unit of forex trading, which allowed this fraud and cost him this fine.

The forex traders who acted on behalf of the BNP were and who realized this manipulation of forex prices were based in New York and London they conspired via chat online to manipulate the prices of currencies, Said the regulator.

Between 2007 and 2011, traders executed fraudulent transactions in order to manipulate the price of emerging market currencies. Among the manipulated currencies, the South African rand (ZAR) is one example.

It is easy to imagine that manipulating forex prices is not easily feasible, especially on major currencies such as the euro or the dollar, which accounts for a significant share of the 4 trillion Dollar of daily transactions in the currency market. A market manipulation is extremely difficult to produce and so the Forex market is absolutely not rigged, this case is isolated and the least that can be said is that it will have cost the BNP very dear Paribas.