UK:
UK Financial Conduct Authority Fines Barclays For FX Failings
12 June 2015
Shearman & Sterling LLP
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On May 20, 2015, the FCA imposed a fine of £284.4 million
on Barclays Bank PLC for failing to have adequate systems and
controls in place over its FX business in London. The FCA
considered that the failings were particularly serious because of
the potential impact on the systematically important spot FX
market. The failure by the bank to have the necessary systems and
controls in place led its traders to engage in misconduct such as
inappropriate sharing of information of clients' activities,
attempts to manipulate spot FX currency rates and colluding with
traders at other firms.
The FCA's final notice is available at: https://www.fca.org.uk/news/press-releases/fca-fines-barclays-for-forex-failings
.
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