Barclays' internal investigation results still to be revealed

Barclays Canary Wharf

A year ago, when Barclays' investment bank boss Rich Ricci was still at the bank, and part of the clean-up operation following the Libor fine, he told parliamentarians on the banking standards committee that the bank was looking at the integrity of 80 financial instruments and benchmarks where it was involved in setting prices.

These were potential places where prices could be manipulated.

The review was going on across the organisation and while it was continuing those areas were being placed under "heightened supervision", he told the commission.

It is not completely clear which markets and indices Barclays' "root and branch review" covered, but Ricci appears to have been referring to indices where formal prices were submitted, rather than foreign exchange markets. A year on Barclays is admitting that it is co-operating with a global investigation into currency markets that have a colossal £3tn a day of turnover.

The bank did not want to add any detail to the legal disclosures made in the third quarter figures and clearly co-operating with regulators does not imply any wrongdoing. Neither does setting up the review into foreign exchange trading. It would be interesting to know, though, what the outcome was of those scores of other reviews.

Powered by article was written by Jill Treanor, for The Guardian on Wednesday 30th October 2013 18.07 Europe/London © Guardian News and Media Limited 2010


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