Barclays PLC Sets Aside Another $1.15 Bln for FX Fixing Manipulation
- The company's CEO, Antony Jenkins, said that Barclays PLC remained focused on addressing outstanding foreign exchange conduct issues in 2015 while the bank registered a 12% jump in profits beating market consensus.
The full year profit for Barclays PLC in 2014 increased by 12% as the U.K. headquartered bank set aside another $1.15 billion (£750 million) for foreign Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term fixing manipulation related settlement charges.
This makes the provisions for ongoing investigations against the bank’s conduct total $1.9 billion (£1.25 billion). According to analysts from Morgan Stanley these figures might be the tip of the iceberg when it comes to litigation costs in the coming years, as additional investigations of business conduct aside from foreign exchange continue.
The CEO of the company, Anthony Jenkins, commented in the earnings report about the foreign exchange probe, "We remain focused on addressing outstanding conduct issues, including those relating to Foreign Exchange trading."
"I regard the behaviour at the centre of these investigations as wholly incompatible with our values, and I share the frustration of colleagues and shareholders that matters like these continue to cast a shadow over our business. But resolving these issues is an important part of our plan for Barclays and, although it may be difficult, I expect that we will make significant progress in this area in 2015," he said.
The company has become entrenched alongside numerous other banks in price fixing of certain foreign exchange benchmarks. Recent reports, suggested that 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.
The London-based bank’s CEO already stated late last year that previous provisions of £500 million were likely to be insufficient when related to settling 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 manipulation allegations in 2015.
The full year profit for Barclays PLC in 2014 increased by 12% as the U.K. headquartered bank set aside another $1.15 billion (£750 million) for foreign Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term fixing manipulation related settlement charges.
This makes the provisions for ongoing investigations against the bank’s conduct total $1.9 billion (£1.25 billion). According to analysts from Morgan Stanley these figures might be the tip of the iceberg when it comes to litigation costs in the coming years, as additional investigations of business conduct aside from foreign exchange continue.
The CEO of the company, Anthony Jenkins, commented in the earnings report about the foreign exchange probe, "We remain focused on addressing outstanding conduct issues, including those relating to Foreign Exchange trading."
"I regard the behaviour at the centre of these investigations as wholly incompatible with our values, and I share the frustration of colleagues and shareholders that matters like these continue to cast a shadow over our business. But resolving these issues is an important part of our plan for Barclays and, although it may be difficult, I expect that we will make significant progress in this area in 2015," he said.
The company has become entrenched alongside numerous other banks in price fixing of certain foreign exchange benchmarks. Recent reports, suggested that 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.
The London-based bank’s CEO already stated late last year that previous provisions of £500 million were likely to be insufficient when related to settling 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 manipulation allegations in 2015.