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Property market continues to lose steam as average house prices dip 0. By Rachel Rickard Straus for Thisismoney. 6billion for rigging foreign currency rates. 53billion for colluding to manipulate rates at its business in London.
JP Morgan, Citigroup, Barclays and RBS have also agreed to plead guilty to US criminal charges over their involvement in the latest scandal to engulf the industry. The fifth, UBS, will plead guilty to rigging benchmark interest rates. Barclays’ fine included the largest ever penalty ever doled out by the UK regulator, the FCA, or its predecessor, the Financial Services Authority. The banking giant’s failings undermined confidence in the UK’s financial system and put its interests ahead of its clients, the Financial Conduct Authority said. Traders from Barclays and other banks colluded in tight knit groups to rig the markets.
Has the PPI tidal wave peaked? Certain groups described themselves or were described by others as ‘the players’ and ‘the three musketeers. They chatted through electronic messaging systems and chat rooms. The information shared within these groups helped traders to manipulate currency rates together. For example, they could ensure that the rate at which the bank had agreed to sell a particular currency to its clients was higher than the average rate at which it had bought that currency in the market, so that they could ensure a profit. The US Department of Financial Services said: ‘In a fair and functioning economic market, a business takes on risk in the hopes of earning a profit.
However, Barclays’ traders coordinated with other banks to help remove that risk and instead just take profits at the expense of their clients. Georgina Philippou, the FCA’s acting director of enforcement and market oversight said of Barclays: ‘This is another example of a firm allowing unacceptable practices to flourish on the trading floor. Instead of addressing the obvious risks associated with its business Barclays allowed a culture to develop which put the firm’s interests ahead of those of its clients and which undermined the reputation and integrity of the UK financial system. Firms should scrutinise their own systems and cultures to ensure that they make good on their promises to deliver change. A spokesman for the Treasury said: ‘The Government created the tough new Financial Conduct Authority and gave it strong powers to take action wherever its rules are breached. The action taken on foreign exchange failings today, and in November last year, shows that the new, tougher regulatory system is working.
3 trillion-worth of currency is traded every day. The forex market is one of the largest markets in the world, 40 per cent of which takes place in London. US regulators said that Barclays had terminated four employees – three in London and one in New York – this month and urged the bank to fire four more who are currently based in New York. Antony Jenkins, chief executive at Barclays, apologised for the bank’s role in the scandal. He said: ‘The misconduct at the core of these investigations is wholly incompatible with Barclays’ purpose and values and we deeply regret that it occurred. He added: ‘I share the frustration of shareholders and colleagues that some individuals have once more brought our company and industry into disrepute. Dealing with these issues, including taking the appropriate disciplinary action against the individuals involved, is a necessary and important part of our plan to transform Barclays and remains a key priority.
Asked for David Cameron’s response to the fines, a Downing Street spokeswoman said: ‘The Prime Minister and the Chancellor have been clear on the action that was needed to make sure action was taken where rules were breached, that the integrity of the City of London and how banks act matters to the economy and reputation of Britain. That’s why the Financial Conduct Authority was set up. Car shop shows their Seat Toledo 1. The comments below have not been moderated. We are no longer accepting comments on this article. What did Charles Ponzi do – and is money flipping the dumbest scheme yet? When is a good time to start investing – and how can you cut the risks?