BNPP fine creates mark-up headache for Street
NYDFS fines the French bank $350 million, partly due to using hidden mark-ups
The $350 million fine imposed on BNP Paribas (BNPP) by the New York Department of Financial Services (NYDFS) could spell trouble for banks across the Street due to the part referring to the use of hidden mark-ups.
Part of the regulator’s decision, announced in a consent order on May 24, was due to BNPP’s sales personnel misleading customers on how prices are determined or how successful the bank was at fulfilling their orders, frequently doing so with the help of traders levying undisclosed
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