Barclays in for Another Hefty Forex Fine
- New York’s Department of Financial Services starts hunt down of European banks
Barclays is facing another fine, this time of $150 million, for manipulating 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 markets via its electronic 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, the bank said. The civil penalty, imposed by the New York Department of Financial Services, relates to failures regarding certain internal systems and controls. Barclays said it is cooperating with other ongoing investigations.
According to sources close to the negotiations between the UK bank and the New York Department of Financial Services, cited by the Financial Times, the bank abused the foreign exchange market via its platform, seeking to gain an unfair advantage over clients and counterparties alike.
Smaller Trading Volumes, Smaller Fine
However, the fine is smaller than the $485 million it was forced to pay earlier this year for manipulating the spot forex market. The reason for the difference in the size of fines is that this time smaller trading volumes are concerned. The bank said the charge will be reflected in its fourth-quarter financial report.
Barclays can’t seem to catch its breath ever since the Libor scandal broke out in 2012. Just last week the bank reached a $120-million settlement with a group of organizations that had been suing it for losses stemming from the manipulation of the benchmark rate that Barclays was implicated in, along with several other major international banks.
At the end of last month, Barclays announced the appointment of a new Chief Executive Officer (CEO), Jess Staley, a banking industry veteran, who, the bank apparently hopes, will help it recover from the troubles that have been haunting it for the past few years and regain the trust of its shareholders.
Barclays is facing another fine, this time of $150 million, for manipulating 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 markets via its electronic 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, the bank said. The civil penalty, imposed by the New York Department of Financial Services, relates to failures regarding certain internal systems and controls. Barclays said it is cooperating with other ongoing investigations.
According to sources close to the negotiations between the UK bank and the New York Department of Financial Services, cited by the Financial Times, the bank abused the foreign exchange market via its platform, seeking to gain an unfair advantage over clients and counterparties alike.
Smaller Trading Volumes, Smaller Fine
However, the fine is smaller than the $485 million it was forced to pay earlier this year for manipulating the spot forex market. The reason for the difference in the size of fines is that this time smaller trading volumes are concerned. The bank said the charge will be reflected in its fourth-quarter financial report.
Barclays can’t seem to catch its breath ever since the Libor scandal broke out in 2012. Just last week the bank reached a $120-million settlement with a group of organizations that had been suing it for losses stemming from the manipulation of the benchmark rate that Barclays was implicated in, along with several other major international banks.
At the end of last month, Barclays announced the appointment of a new Chief Executive Officer (CEO), Jess Staley, a banking industry veteran, who, the bank apparently hopes, will help it recover from the troubles that have been haunting it for the past few years and regain the trust of its shareholders.