The U.S Justice Department and the Securities and Exchange Commission are investigating Barclays Plc over the procedure of last look allowing the bank to requote orders at the expense of its clients.
The US Justice Department, working in collaboration with the Securities and Exchange Commission (SEC), have started a probe into last look - a procedure used by the major global FX banks to renege on losing trades at the last moment. A broader ongoing investigation of the Forex market apparently piqued their interest.
Regulators around the world, including the American ones, have already been investigating the practices of the banks in the FX market for quite a while. Until now, however, the investigations have only been known to focus on a conspiracy to manipulate FX rates by bank traders to the detriment of their clients.
In fact, just earlier on Tuesday, Barclays Plc (LSE: BARC) had announced in its earnings report it set aside another £750 million for settlement charges relating to foreign exchange-fixing-related settlement charges, bringing the provisions to a total of £1.25 billion.
Barclays CEO Anthony Jenkins said about the manipulation allegations: “We remain focused on addressing outstanding conduct issues, including those relating to Foreign Exchange trading... 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.” But now it seems he might have even more troubles to worry about in the FX field this year.
It has been revealed that Justice Department prosecutors and SEC officials have requested information from Barclays relating to its electronic-Trading Platform, specifically about the program that allows the bank's traders to have a “last look” at an order before executing it, according to Bloomberg. The SEC reportedly is investigating whether the procedure violates American disclosure laws.
Earlier this month ACI, a non-profit association of markets professionals representing institutional bodies as exchanges, hedge funds and central banks, has also addressed the questionable procedure. "[Last look] should only be used in order to mitigate technological anomalies and latencies when showing firm prices to customers,” reads an updated Code of Conduct by the association.
The US Justice Department, working in collaboration with the Securities and Exchange Commission (SEC), have started a probe into last look - a procedure used by the major global FX banks to renege on losing trades at the last moment. A broader ongoing investigation of the Forex market apparently piqued their interest.
Regulators around the world, including the American ones, have already been investigating the practices of the banks in the FX market for quite a while. Until now, however, the investigations have only been known to focus on a conspiracy to manipulate FX rates by bank traders to the detriment of their clients.
In fact, just earlier on Tuesday, Barclays Plc (LSE: BARC) had announced in its earnings report it set aside another £750 million for settlement charges relating to foreign exchange-fixing-related settlement charges, bringing the provisions to a total of £1.25 billion.
Barclays CEO Anthony Jenkins said about the manipulation allegations: “We remain focused on addressing outstanding conduct issues, including those relating to Foreign Exchange trading... 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.” But now it seems he might have even more troubles to worry about in the FX field this year.
It has been revealed that Justice Department prosecutors and SEC officials have requested information from Barclays relating to its electronic-Trading Platform, specifically about the program that allows the bank's traders to have a “last look” at an order before executing it, according to Bloomberg. The SEC reportedly is investigating whether the procedure violates American disclosure laws.
Earlier this month ACI, a non-profit association of markets professionals representing institutional bodies as exchanges, hedge funds and central banks, has also addressed the questionable procedure. "[Last look] should only be used in order to mitigate technological anomalies and latencies when showing firm prices to customers,” reads an updated Code of Conduct by the association.
Noel Quinn's Surprise Exit Marks End of an Era at HSBC
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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