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Barclays to face another 100-mln-USD fine over forex abuse: reports

Xinhua, November 18, 2015 Adjust font size:

British bank Barclays is set to pay at least another 100 million U.S. dollars to a U.S. financial regulator to resolve allegations it abused foreign exchange markets, media quoted the bank's incoming chief Jes Staley as saying on Wednesday.

The British bank could settle with the New York Department of Financial Services (NYDFS) by next month, reports said.

Barclays agreed to pay 120 million U.S. dollars earlier this month to settle private litigation in the United States accusing it of conspiring with rivals to rig Libor, a benchmark interest rate.

In May, it agreed to pay a total fine of 1.533 billion pounds (2.3 billion U.S. dollars) to British and U.S. regulators over the manipulation of foreign exchange and currency. Barclays had agreed to pay 485 million U.S. dollars to NYDFS among these regulators.

By next month, the NYDFS is likely to impose a smaller penalty for the alleged electronic trading abuses than 485 million U.S. dollars.

Moody's, the rating agency, said Tuesday that Barclays has set aside around 219 billion U.S. dollars in litigation provisions following the onset of the global financial crisis (2008-2014). Endit