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Barclays Bank Fined for FOREX Market Rigging

Barclays Bank encouraging people to save money, on Wednesday 20th May 2015, as the Manchester branch trades. -- The international financial institution, Barclays, has been fined by the United Kingdom's Financial Conduct Authority (FCA) - the watchdog which overseas the UK's financial markets. This fine, £284,432,000, has been levied on the bank due to 'Barclays’ failure adequately to control its FX business is particularly serious in light of its potential impact on the systemically important spot FX market. The failings occurred throughout Barclays’ London voice trading FX business, extending beyond G10 spot FX trading into EM spot FX trading, options and sales, undermining confidence in the UK financial system and putting its integrity at risk' a statement from the FCA read. The rigging took place between between 1 January 2008 and 15 October 2013. The Wall Street Journal is also reporting that Barclays have been fined, $115 (US) for manipulating 'a major benchmark interest rate.' As well as investor relief at the announcement of the fine. (Photo by Jonathan Nicholson/NurPhoto)

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