Forex rigging triggers new US fine on Barclays

Barclays has been hit with another US fine over the forex scandal. Picture: Matt Cardy/Getty Images

Barclays has been hit with another US fine over the forex scandal. Picture: Matt Cardy/Getty Images

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Barclays is to pay a further $150 million (£98.6 million) fine by New York’s banking regulator over the foreign exchange rigging scandal.

The bank was hit with the penalty by the New York Department of Financial Services (DFS), which added Barclays would also “terminate” the employment of its global head of electronic fixed income, currencies and commodities as part of the settlement.

The latest American fine adds to the $485m Barclays agreed to pay the regulator in May as part of a wider £1.5 billion settlement with US and UK authorities.

DFS acting superintendent Anthony Albanese said the case “highlighted the need for greater oversight and action to help prevent the misuse of automated, electronic trading platforms on Wall Street, which is a wider industry issue that requires serious additional scrutiny”.

Barclays confirmed the civil penalty payable under the settlement would be reflected in its 2015 fourth-quarter results.

It added: “Barclays continues to co-operate with other ongoing investigations and to manage related litigation risks as previously disclosed.”

The settlement will mark an early test for incoming chief executive Jes Staley.

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