On June 20, the New York Department of Financial Services (NYDFS) announced a $205 million settlement with a global banking firm to resolve allegations that the bank engaged in unsafe and unsound practices in its foreign exchange (FX) trading business. According to the consent order, the bank did not implement and maintain sufficient controls to identify and prevent unsafe and unsound activities conducted by certain FX traders. Among other things, the order states that FX traders (i) used electronic chatrooms to coordinate trading activity with competitors to improperly affect FX prices; (ii) engaged in a practice known as “jamming the fix,” which entails accumulating a large trading position and subsequently making aggressive trades with the intention of moving the fix price in a desired direction; (iii) disclosed confidential customer information to competitors through electronic chatrooms; and (iv) mislead customers by hiding markups on trades. In addition to the fine, the bank is required to improve its internal controls and programs to comply with applicable New York State and federal laws and regulations, submit a written plan to improve its compliance risk management program, and provide an enhanced written internal audit program.