NY regulators say Barclays to pay $150M, fire executive
ALBANY, N.Y. (AP) — New York regulators say the British bank Barclays will pay a $150 million penalty and fire an executive for misconduct related to its automated electronic foreign exchange trading.
The Department of Financial Services says the misconduct concerns Barclays "Last Look" system, and the bank is terminating its global head of electronic fixed income, currencies, and commodities automated flow trading.
Regulators say Barclays used the system in certain instances to automatically reject client orders that would be unprofitable for the bank because of subsequent price swings during milliseconds-long hold periods.
The bank did not immediately reply to a request for comment Wednesday.
In May, the bank settled an enforcement case related to spot foreign exchange trading for $2.4 billion with U.S. and New York authorities.