NY regulators say Barclays to pay $150M, fire executive

[Omaha Steve]

Source: AP

ALBANY, N.Y. (AP) — New York regulators say the British bank Barclays will pay a $150 million penalty and fire an executive for misconduct related to its automated electronic foreign exchange trading.

The Department of Financial Services says the misconduct concerns Barclays "Last Look" system, and the bank is terminating its global head of electronic fixed income, currencies, and commodities automated flow trading.

Regulators say Barclays used the system in certain instances to automatically reject client orders that would be unprofitable for the bank because of subsequent price swings during milliseconds-long hold periods.

The bank did not immediately reply to a request for comment Wednesday.

Read more: http://bigstory.ap.org/article/6ffcf67cdb784a21bf621b351d970753/ny-regulators-say-barclays-pay-150m-fire-executive

[valerief]

1. A teensy (bankwise) fine, golden parachuted exec, and NO PRISON TIME.

Life in an oligarchy.

[INdemo]

2. Did anyone mention that Barclay's

Was a big contributor to Hillary's campaign?
Just sayin'

[erronis]

3. Oh, come on now - that's just being picky. Which large banks aren't contributors?

Of course the banks would say they have to contribute since she was the Senator from NY. Just like HRC saying she wanted to take care of the banks since she was their Senator.

[Yallow]

4. Another Unprosecuted Felony

Right?

Jails are for the poor, not the powerful.