July 24, 2017
Federal Reserve Board prohibits former foreign exchange (FX) trader from participating in banking industry for practices regarding FX pricing benchmarks
For release at 1:30 p.m. EDT
The Federal Reserve Board on Monday announced it is prohibiting a former foreign exchange (FX) trader from participating in the banking industry for practices regarding FX pricing benchmarks.
Michael Weston, a former FX trader at Barclays Bank PLC, engaged in unsafe and unsound practices by using electronic chat rooms to discuss the coordination of trading around FX benchmark fixes and to disclose confidential information of Barclays and its customers to traders at other organizations. Weston agreed to the enforcement action with the Federal Reserve.
The action follows the Board's May 2015 enforcement action against Barclays for unsafe and unsound practices related to compliance and control failures concerning practices in the FX markets. That action required Barclays to pay a $342 million civil money penalty and to engage in extensive remediation.
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