DFS Probe of Barclays Forex Rate-Rigging Could Delay Other Settlements
- Barclays' settlement with regulators in the UK and the US, otherwise close to an agreement, is being held back due to the New York Department of Financial Services' probe, according to an FT report.
New York’s Department of Financial Services’ probe of Barclays’ foreign exchange business is delaying the bank’s settlement over currency rate-rigging allegations with other US and UK authorities, which are reported to be close to reaching an agreement with the bank.
New York’s Department of Financial Services (DFS) is not part of the bank’s other settlement with the UK’s Financial Conduct Authority (FCA), the US Department of Justice (DoJ) or the US Commodity Futures Trading Commission (CFTC).
Barclay’s has been trying to resolve its foreign exchange probe with all of the authorities investigating it in a single deal. The bank is reportedly set to pay less than 1 billion in total to the three US and UK agencies it is in discussions with.
However, with the DFS not being part of a comprehensive settlement, Barclays is likely to be unwilling to settle the case with the other agencies separately. In November, the FCA and CFTC fined HSBC, UBS, Bank of America, Citigroup, JPMorgan Chase and Royal Bank of Scotland more than $4 billion over Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term rate-rigging.
Barclays pulled out of those discussions, as well, because the DFS was not involved.
The DFS probe is taking longer than the others because the regulator is also investigating whether algorithms used by Barclays’ forex Trading Platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term played a part in the bank’s manipulation of the currency markets.
DFS is also investigating Deutsche Bank over its use of algorithms. It has also sent subpoenas to BNP, Credit Suisse, Goldman Sachs and Société Générale as part of its forex rate-rigging probe.
New York’s Department of Financial Services’ probe of Barclays’ foreign exchange business is delaying the bank’s settlement over currency rate-rigging allegations with other US and UK authorities, which are reported to be close to reaching an agreement with the bank.
New York’s Department of Financial Services (DFS) is not part of the bank’s other settlement with the UK’s Financial Conduct Authority (FCA), the US Department of Justice (DoJ) or the US Commodity Futures Trading Commission (CFTC).
Barclay’s has been trying to resolve its foreign exchange probe with all of the authorities investigating it in a single deal. The bank is reportedly set to pay less than 1 billion in total to the three US and UK agencies it is in discussions with.
However, with the DFS not being part of a comprehensive settlement, Barclays is likely to be unwilling to settle the case with the other agencies separately. In November, the FCA and CFTC fined HSBC, UBS, Bank of America, Citigroup, JPMorgan Chase and Royal Bank of Scotland more than $4 billion over Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term rate-rigging.
Barclays pulled out of those discussions, as well, because the DFS was not involved.
The DFS probe is taking longer than the others because the regulator is also investigating whether algorithms used by Barclays’ forex Trading Platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term played a part in the bank’s manipulation of the currency markets.
DFS is also investigating Deutsche Bank over its use of algorithms. It has also sent subpoenas to BNP, Credit Suisse, Goldman Sachs and Société Générale as part of its forex rate-rigging probe.