standards. The spot FX market is a wholesale financial market and spot FX benchmarks (also known as fixes) are used to establish the relative value of two currencies. The British bank had agreed to part ways with its global head of electronic fixed income, currencies, and commodities automated flow trading. Get more when you shop online or in-store with top retailers everything from fashion and travel, to books and toys. New York regulators harve ordered Barclays to pay an additional 140 million euros (150 million) penalty over allegations related to its automated electronic foreign exchange trading. The FCA has an overarching strategic objective of ensuring the relevant markets function well. Later life, plan for the retirement you deserve. However, attempts to manipulate spot FX benchmarks or intraday rates are wholly unacceptable. Anthony Albanese, the regulators acting superintendent of financial services, said: This case highlights the need for greater oversight and action to help prevent the misuse of automated, electronic trading platforms on Wall Street, which is a wider industry issue that requires serious additional scrutiny. Whether youre looking for your first credit card, want to buy now and spread the cost, or earn as you spend, there could be a Barclaycard for you. February 20, 2018 by, michael Volpe, leave a Comment.
These behaviours included inappropriately sharing information about clients activities and attempting to manipulate spot FX currency rates, including in collusion with traders at other firms, in a way that could disadvantage those clients and the market. Barclays control and risk functions failed to challenge effectively the management of these risks in the FX business. Barclays reputation took another battering on Wednesday when a US regulator imposed a 150m fine on the bank for the way it treated its foreign exchange customers. It primarily relied on its front office FX business to identify, assess and manage the relevant risks however the front office failed to pick up on obvious risks associated with confidentiality, conflicts of interest and trader conduct. We have worked closely with other regulators in the US on this case including the Commodities Futures Trading Commission (cftc the Federal Reserve Bank of New York, the New York State Department of Financial Services (nydfs and the.S. The New York Department of Financial Services (nydfs) released a cache of emails to support its finding against Barclays, including one in which a managing director tells staff to obfuscate and stonewall if asked questions about the currency trades.