Sunday, 25 May 2014

Another day, another major bank, another scandal, another fine

From The Financial Times comes the news that a shadow has been cast over another key global financial benchmark after UK regulators found that a Barclays trader had manipulated the London gold fix that is used to value billions of dollars of derivatives contracts annually. The UK’s Financial Conduct Authority fined the British bank £26m on Friday and reprimanded it for nine years of lax controls for its failure to rein in an options trader who in 2012 drove the gold price lower to avoid paying £2.3m to one of the lender’s clients.
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