July 19, 2016
Federal Reserve Board prohibits former foreign exchange (FX) trader from participating in banking industry for his manipulation of FX pricing benchmarks
For release at 3:30 p.m. EDT
The Federal Reserve Board on Tuesday announced it is prohibiting a former foreign exchange (FX) trader from participating in the banking industry for his manipulation of FX pricing benchmarks.
Matthew Gardiner, a former FX trader at Barclays PLC and at UBS AG, used electronic chat rooms to coordinate FX trading, facilitate manipulation of FX pricing benchmarks, disclose confidential customer information to traders at other organizations, and engage in other unsafe and unsound practices.
The enforcement action against Gardiner follows the Board's May 2015 enforcement actions against both Barclays and UBS for unsafe and unsound practices related to their compliance and control failures concerning practices in the FX markets. Those actions required UBS and Barclays to collectively pay $684 million in penalties for control deficiencies related to FX trading.
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