Barclays is expected to pay at least $100m to settle an investigation by New York’s banking regulator into whether it abused the 'last look' practice on its electronic currency-trading program, according to a person briefed on the matter.
Bloomberg News reports that Barclays pleaded guilty in May to charges from the U.S. Justice Department related to the rigging of foreign exchange rates and paid a total of $2.4bn to a variety of regulators, including New York’s Department of Financial Services.
DFS received $485m of that sum, but stipulated that its own investigation would continue. The $100m settlement being discussed by the bank and DFS would resolve the “last look” issue.
The state regulator’s probe, which started a year ago, focuses on electronic-trading platforms of the biggest banks operating on foreign currency markets.
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