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Barclays will pay an extra $150 million to New York’s financial regulator to resolve allegations that it rigged foreign exchange trading by putting its own aims ahead of clients’ interests

1 December 2015

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The bank is removing a head of global electronic trading for foreign exchange-related misconduct. Total penalties imposed on Barclays by the regulator for forex-related conduct now amount to $635 million.

Barclays had used a feature called “Last Look” on its forex trading platform to automatically reject client orders that would be unprofitable for it because of price swings. But the bank would then tell clients that the trades had not gone ahead due to technical issues or other vague reasons.

Quite where any trace of compliance was when it came to this operation remains unclear. The issue of individual responsibility may also be one that requires scrutiny beyond the removal of one person.

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