Barclays reaches $150M settlement with New York DFS in relation to Forex investigation

Barclays PLC (LON:BARC) has just announced that it has reached a settlement with the New York State Department of Financial Services (DFS) in respect of the regulator’s investigation into the bank’s electronic trading of foreign exchange (FX) and FX electronic trading systems.

The probe concerns a five-year period – from 2009 to 2014.

The New York watchdog is imposing a civil monetary penalty of $150 million on Barclays Bank PLC, mainly for certain internal systems and controls failures. The penalty will be reflected in the bank’s results for the fourth quarter of 2015.

Barclays reiterates that it continues to co-operate with other ongoing investigations and to manage related litigation risks as previously disclosed.

Last week, UK’s Serious Fraud Office (SFO) charged four employees at Barclays with conspiracy to defraud via the manipulation of the the Euro Interbank Offered Rate (EURIBOR). Barclays is also a leader in terms of size of fines paid over Forex rigging settlements. In May this year, the sum already exceeded $2.3 billion.

You can view the official announcement from Barclays by clicking here.

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Barclays reaches $150M settlement with New York DFS in relation to Forex investigation


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