The Federal Reserve Board has barred Michael Weston, a
former FX trader at Barclays, from participating in FX markets.
Weston, who becomes the second former Barclays trader to be
banned by the Fed after
Chris Ashton last year, was found to have engaged in “unsafe and unsound
practices” by using electronic chat rooms to discuss the coordination of
trading around FX benchmark fixes.
He was also found to have disclosed confidential information
of Barclays and its customers to traders at other organisations. Weston agreed to
the enforcement action with the Federal Reserve.
Weston joins a growing list of traders barred by the Fed for
misdemeanours relating to Bloomberg chat room activity. As well as Ashton the
Fed has barred former UBS trader Matthew Gardiner, and Jason Katz who also
worked at Standard Bank, BNP Paribas, Barclays and ANZ.
The Fed has further sought to bar two former HSBC traders accused
of misconduct around customer orders.