BNP said it will use another bank for the one year it is banned from US clearing
One of BNP Paribas’ main rivals could emerge as
an unlikely beneficiary of the French bank’s
record $9bn fine after BNP sought to reassure clients by saying
it will pick a third party to clear their business for the
duration of its one year ban.
BNP Paribas was fined late on Monday $8.97bn for handling US
dollar trades on behalf of parties subject to US sanctions and
banned from US dollar clearing through its New York and other
US branches for one year starting January 1 2015.
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