Tag: Barclays

Barclays

The 20 for 20 Countdown – Part Three

It’s been a busy 20 years since Profit & Loss launched. Colin Lambert and Galen Stops have picked out 20 key events or trends during that time and asked senior industry figures for their perspective on them – here’s numbers 10-6. 10. Brexit Putting aside the (ongoing) politics, the night of the Brexit vote showed […]

And Another Thing…

I have often thought that the FX trader dismissals, indeed the entire chatroom related scandal in FX, would make a great case study for business management schools. Over the years I have argued there have been weak, misguided, vindictive, panicky and ill-informed decisions made at management level across a range of organisations that has resulted […]

Trader Walks Free in Euribor Trial

Former Deutsche Bank trader and managing director Andreas Hauschild has been acquitted of conspiracy to defraud at London’s Southwark Crown Court over the rigging of the Euro Interbank Offered Rate (Euribor) after being found not guilty of manipulating the benchmark rate during global financial crisis. The case was brought by the UK”s Serious Fraud Office […]

Sears Exits Barclays

Rick Sears, who served as COO of the Macro group at Barclays Investment Bank in New York for the past nine years, left the bank at the beginning of June. When Sears first joined the Macro group nine years ago, it has basically morphed into an FX and rates business. The FX business is managed […]

Swiss Authority Fines Banks Over FX Manipulation

The Swiss competition authority, the Competition Commission, has become the latest jurisdiction to levy fines on six banks related to their dealers’ activity in several chat rooms. COMCO says it has detected several anti-competitive arrangements between banks in foreign exchange spot trading and concluded “amicable” settlements and imposed fines of around CHF 90 million. Therefore, […]

Banks to Face Australian FX Class Action

Australia has become the latest location for a class action lawsuit against a group of banks with a law firm filing a cartel class action in the Australian Federal Court claiming the banks “systematically manipulated foreign exchange rates to boost profits at the expense of Australian businesses and investors”. In what has become a familiar […]

OpenFin Raises $17 Million in Funding

OpenFin has raised $17 million in its Series C funding round, which was led by Wells Fargo. OpenFin is a financial operating system whose technology has been adopted by over 1,500 major banks across 60 countries. Interoperability serves as the base of the system’s technology, allowing them to share information, intent, and context with third […]

EU Fines Five Banks for FX Manipulation

The European Union has formally fined five banks a total of EUR 1.07 billion for taking part in what the EU terms two “cartels” in the spot FX market, involving trades in 11 currencies. Two settlement decisions have been announced, the first involves a group called the “Three Way Banana Split” which sees a total […]

Barclays Migrates Equities to BARX

Barclays has added equities to BARX and announced that it will now function as the bank’s cross-asset electronic trading platform. Prior to this, clients could trade FX, fixed income and futures on the BARX platform. “We are excited to announce that BARX will be our newly integrated, cross-asset electronic trading platform that will continually innovate […]

A Closer Look At: A Differentiated Algo Offering

Mauricio Sada-Paz, global head of e-FICC product and distribution at Barclays, discusses new algorithmic products available within the bank’s e-FX platform. Profit & Loss: Barclays’ recently added a new algo, BARX Peg, to its e-FX platform. Can you explain the genesis of this product launch? Mauricio Sada-Paz: The Barclays’ Gator execution channel was a pioneering […]