Federal Regulatory Agencies Fine Banks for Unsafe and Unsound FX Practices

The Board of Governors of the Federal Reserve System fined six banking organizations for "unsafe and unsound practices in the foreign exchange ('FX') markets."

Additionally, the CFTC announced two enforcement actions against a bank for the attempted manipulation of FX benchmarks and insufficient policies and procedures governing the oversight of the bank's FX traders.

See: FRB Press Release; First CFTC Order; Second CFTC Order.