Barclays To Review FX Trades After Manipulation Claims

Barclays Bank has said it will review how its currency trading operated over the past several years, amid a new inquiry into market manipulation.

It said it was co-operating with regulators in the inquiry, which comes on the heels of other scandals, including Libor rate-fixing.

Regulators around the world, including the UK’s Financial Conduct Authority, are investigating currency trading.

The news came as the bank announced an increase in profits so far in 2013.

In the first nine months of the year, it said pre-tax profits rose to £2.85bn, from £962m in the same period last year.

“Various regulatory and enforcement authorities have indicated they are investigating foreign-exchange trading, including possible attempts to manipulate certain benchmark currency exchange rates or engage in other activities that would benefit their trading positions,” the bank said.

via BBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza