Barclays shares left unscathed by looming FX rigging fine

First test: The fine is due to come as new Barclays chief Jes Staley starts work

Debra Hurford Brown/Barclays/PA

18 November 2015

Barclays shares have shrugged off reports that it faces another $100 million (£66 million) plus fine from a US regulator over its role in rigging foreign exchange rates.

The shares slipped just 0.5p to 226.95p.

The New York Department of Finance is expected to hit the bank with the fine in the next few weeks, just in time for the arrival of Barclays new chief executive Jes Staley, who starts in early December.

Barclays has already paid $2.4 billion in fines to regulators over forex rigging, including a down payment of $485 million to the Department of Finance, which at the time said it had not completed its part of the investigation.

The $100 million extra to the banking regulator in New York should prove the final settlement over forex with regulators.

However Barclays, and other banks including Royal Bank of Scotland, could still face multiple civil actions brought by clients or investors who claim they lost money in the forex scandal.

US regulators are also reported to be looking at fresh allegations of forex rigging against Deutsche Bank.

The claims centre on so-called front-running, where banks allegedly make money by trading using knowledge of their clients’ foreign exchange orders before they place them.

Barclays shares left unscathed by looming FX rigging fine

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