Barclays hit with £1.53 billion penalty as five banks fined £4billion for rate-rigging

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Barclay’s penalty includes £284.4 million to the UK’s Financial Conduct Authority (FCA), the largest ever fine imposed by the regulator, for failing to control business practices in its foreign exchange (FX) business in London.

The group also pleaded guilty to a violation of US anti-trust law.

The FCA said that for more than four years, Barclays undermined confidence in the UK financial system and put its integrity at risk.

Traders at the bank were found to have formed tight knit groups with counterparts at other banks who then communicated used chat rooms to communicate.

The groups described themselves using phrases such as “the players” – with one participant referring to himself and others in the chat room as “the 3 musketeers” adding “we all die together”.

These employees then shared information about clients’ activities and attempted to manipulate spot FX currency rates in a way that could disadvantage those clients and the market.

Read more  http://www.express.co.uk/finance/city/578648/Barclays-hit-with-1-53billion-rate-rigging-fine

 

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