The Federal Reserve Bank of New York has formally imposed a
$1.2 million fine and a permanent ban on employment in the banking industry
against former Barclays trader Chris Ashton, the former global head of FX spot
trading at the bank.
The fine and ban is in connection with the manipulation of
FX pricing benchmarks and was first
announced last year.
The Fed now says that Ashton failed to answer, appear, or
request a hearing in administrative law proceedings after the Board charged him
in June 2016 with unsafe and unsound practices related to his use of electronic
chat rooms to coordinate FX trading, facilitate manipulation of FX pricing
benchmarks, and disclose confidential customer information to traders at other organisations,
as well as his failure to appropriately supervise other Barclays traders.
The enforcement proceedings against Ashton follow the Fed’s
May 2015 enforcement actions against Barclays for unsafe and unsound practices
related to its compliance and control failures concerning its practices in the
FX markets which
saw the bank pay $342 million in penalties.