Barclays Fined GBP284.43 Million by FCA For Forex Failings Between 2008-2013

By Rory Gallivan

LONDON-Barclays PLC Wednesday said it would pay a combined 1.53 billion pounds ($2.37 billion) in fines to various U.S. and U.K. regulators to settle investigations into alleged manipulation of foreign-exchange markets.

The British bank has also agreed to plead guilty to a violation of U.S. antitrust law. The lender said fines would be covered by existing provisions of more than GBP2 billion.

The Barclays settlements are with the U.S. Commodity Futures Trading Commission, the New York State Department of Financial Services, the U.S. Department of Justice, the Board of Governors of the Federal Reserve System and the U.K. Financial Conduct Authority.

The U.K.'s FCA said its fine for Barclays, of GBP284.43 million was the largest financial penalty ever imposed by the regulator. It is for the bank's failure to control business practices in its foreign-exchange business in London between 2008 and 2013.

"Barclays' failure adequately to control its FX (foreign exchange) business is particularly serious in light of its potential impact on the systemically important spot FX market," the FCA said.

Barclays settled at the second stage of the FCA's investigation, qualifying for a 20% discount, the FCA said, adding that otherwise it would have imposed a financial penalty of GBP355.54 million.

Separately, Barclays has reached a settlement with the CFTC as part of an industry-wide investigation into the setting of the U.S. Dollar ISDAfix benchmark.

Write to Rory Gallivan at [e-mail]; Twitter: @RoryGallivan