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Articles tagged by Barclays

Barclays FX Trader Heads to Employment Tribunal Former Barclays FX trader Chris Ashton is to appear at a hearing at the East London employment tribunal on July 13 against the bank, which he is suing for unfair dismissal, confirms his lawyer Sara George. Ashton is suing Barclays for ...
Three Former Barclays Traders Found Guilty Over Libor Three former Barclays traders have been found guilty by a London court of conspiring to manipulate the London Interbank Offered Rate (Libor) benchmark interest rate. According to a statement from the UK Serious Fraud Office (SFO) Monday, trader Jay Merchant, ...
The Hat-Trick? Third Citi Trader Wins Unfair Dismissal Case Citi is on the wrong end of a third unfair dismissal trail according to sources familiar with the matter who say that Rob Hoodless has won his claim against the bank. In an email statement, Hoodless says, “The East London ...
Former Barclays FX Trader's Hearing Begins Preliminary hearings of former Barclays FX trader Chris Ashton’s unfair dismissal and whistleblowing claim against the bank started on Tuesday at the East London employment tribunal. Judges at the tribunal said they will decide by Wednesday whether to take ...
‘Cartel’ FX Trader Ashton’s Whistleblowing Claim “Absurd”, Says Former Barclays COO Chris Ashton’s claim of whistleblowing against Barclays, where he was formerly head of spot FX voice trading, is “absurd”, according to Justin Bull, the bank’s former global chief operating officer. Bull - who co-chaired Ashton’s disciplinary hearing ...
Four Barclays Veterans Depart FX Team Sources tell Profit & Loss that four veterans of Barclays’ FX division have been made redundant by the bank as part of wider cuts across the business. Vincent O'Sullivan, Marek Robertson, Marcello Cavalcanti and Martin Richards have all left the bank ...
Banks Facing Challenging Conditions, Rising Uncertainty in Q2 The second quarter of 2016 saw mixed performances amongst some of the major banks, against a background of increasing uncertainty and challenging trading conditions in currency markets. Goldman Sachs posted a 20% year-on-year increase in net revenues in what it calls Fixed ...
Former Barclays’ CEO Links Up with Currencies Direct Former Barclays’ CEO Antony Jenkins has joined non-bank FX and international payment services provider Currencies Direct as non-executive chairman. He is going to focus on advancing Currencies Direct’s digital offering and expanding its international footprint, the company says. “Currencies ...
Barclays Settles Libor Claim in US New York Attorney General Eric Schneiderman has announced a $100 million, 44-state settlement with Barclays Bank and Barclays for “fraudulent and anticompetitive conduct” involving the manipulation of USD Libor (London Interbank Offered Rate) and other benchmark interest rates. During the period ...
Fed Issues $1.2m Fine, Seeks Banking Ban for Ex-Barclays Trader The US Federal Reserve Board has announced that it will seek a $1.2 million fine and a permanent ban on employment in the banking industry for Chris Ashton, a former FX trader at Barclays.
Third Trader Sues Barclays A third FX trader fired by Barclays is suing the bank for unfair dismissal, adding to the growing number of similar cases being brought against banks. Mark Clark, who worked on the bank’s FX trading desk since joining in 2010 from Citi is having his claim heard at the East London Employment Tribunal on September 27 according to court records. The same tribunal has already heard claims from former Barclays’ traders Jack Murray and Chris Ashton, although a decision has yet to be announced in either.
Ashton Loss a Rare Win for Banks in FX Cases News that Chris Ashton, the former Barclays FX trader dismissed by the bank over misconduct allegations, has lost his claim for unfair dismissal represents the first outright win for a bank facing such a claim and, potentially, draws a line in the sand over how participation in foreign exchange chat room activities is viewed. Bloomberg News reports that Ashton lost his claim in a ruling dated September 19 as the judge found Barclays took “appropriate action” due to his “gross misconduct”.
Want to Opt Out of BARX Last Look Settlement? Your Deadline is March 30 Participants in a class action lawsuit that alleges Barclays abused last look on its proprietary trading platform BARX have until March 30 2017 to opt out of the proposed $50 million settlement. According to a release by law firm Scott+Scott, US District Judge Lorna Schofield will hear the details of last February’s settlement between the class – led by Axiom Investment Advisors – and Barclays on July 18 2017 at a Fairness Hearing. This hearing will consider whether to approve the proposed settlement, the proposed plan of distribution, and class counsel's application to the court for an award of attorneys' fees, expenses, and a service award to class plaintiff.
Judge Formalises FX Fines for Banks A US District Court judge has ratified fines against five major banks following their guilty pleas last year over currency market manipulation charges. US District Judge Stefan Underhill in Bridgeport Connecticut agreed fines for Citi of $925 billion, Barclays $650 million, JP Morgan $550 million, Royal Bank of Scotland $395 million and UBS $203 million after the banks pleaded guilty to FX market abuse in mid-2015. The fines were recommended by the US government and accepted by Judge Underhill last week.
Second Barclays Trader Loses Unfair Dismissal Case Mark Clark has become the second former Barclays FX trader to lose a claim for unfair dismissal in a UK employment tribunal. According to a report by Bloomberg News Clark’s claim was dismissed by Judge George Foxwell at the East London Employment Tribunal. During the trial, Clark claimed he was “thrown to the wolves” and fired, whilst senior managers were allowed to retire with reputation intact. This represents the second successful trial defence by Barclays who also defeated a claim last year.
Market Reacts Positively to Banxico FX Hedging Announcement The Banco de Mexico (Banxico) has announced that it will offer FX hedging instruments to the market for up to US$20 billion, a move that led to a bounce in the peso and has gained approval from some local economists. Banxico’s Foreign Exchange Commission (FEC) did not specify the exact details of the instruments that will be offered, stating that the first auction will take place on March 6 for up to US$1 billion and will be settled in Mexican pesos.
NY Fed Formalises Ashton Ban and Fine 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 with a string of offences.
Third Barclays Trader Loses Unfair Dismissal Claim Former Barclays FX trader Jack Murray has lost his unfair dismissal case against the bank according to Bloomberg News. Murray is the third Barclays trader to lose his case after Mark Clark and Chris Ashton both also failed to convince the East London Employment Tribunal they were unfairly dismissed. Murray was suspended by Barclays in late 2013 when an investigation cleared him of benchmark collusion but found instances of inappropriate communications including the disclosure of stop loss levels and customer flow.
And Another Thing... The hope that peer pressure will help drive adoption of the Global Code of Conduct's principles is fine, but what the industry also needs is real action to curb some practices that sit uncomfortably with some. Last look is one of them and while last year we had a spate of disclosures that highlighted how firms were hardening their stance on last look, this week has seen one bank - if I am reading this right - take a step further.
How Long Can the MXN Rally Last? Galen Stops looks at the drivers behind the appreciation of the Mexican peso and asks whether the rally can continue. Few, if any, saw this coming. After Donald Trump won the US presidential race in November 2016, USD/MXN went from 18.03 up to 20.89, and by the time of his inauguration in January 2017, the exchange rate was up to 21.58. This depreciation of the peso seemed eminently reasonable at the time, given that on the campaign trail Trump had promised to renegotiate the North American Free Trade Agreement (Nafta) in America’s favour or terminate the agreement altogether, not to mention building a border wall between the US and Mexico at the latter’s expense.
Barclays Names Zorzoli as Macro Distribution Head Barclays has appointed Filippo Zorzoli as head of macro distribution for EMEA and Asia Pacific. In addition, Filippo will also be head of solutions sales globally. He starts at Barclays in September 2017 and will be based in London. Barclays’ macro business is part of its investment bank, helping both institutional and corporate clients trade FX and interest rate products. The macro team works in close partnership with Barclays’ research team, which publishes daily insight for clients on global macroeconomic and political issues.
And Another Thing... Today's column is all about numbers and confirms something that I have always argued about the legal actions facing many of the banks in the foreign exchange industry. It focuses on a settlement which was originally proposed and agreed in February 2016 and, for some reason known only to the US legal system, finally approved (in its original form I should point out) by a US court late last week. Notwithstanding the delay, the numbers make for very interesting reading...
Barclays Hires Tyndall Michael Tyndall joins Barclays as director and head of FX flow options, based in NYC. A spokesperson for the bank declines to comment, but Profit & Loss understands that in his new role, Tyndall will be reporting globally into Paul Thirlwall, head of global FX options, and locally to Siddharth Mehla, director, GFX options trading. Tyndall joins from Nomura, where he was executive director, FX options trading. Prior to joining Nomura in 2008, he worked on the FX options trading desk at Lehman Brothers and spent three years at Barclays in FX structuring. Both roles were based in London.
Kataria Joins Barclays

in News, People

Kataria Joins Barclays

Profit & Loss understands that Ajay Kataria is joining Barclays in New York.  Although a spokesperson for the bank declines to comment on the news, sources indicate that Kataria will be reporting into Holden Sibley, managing director, macro distribution at Barclays, who is also based in New York.  Kataria joins from Morgan Stanley, where he was a vice president focused on electronic FX distribution. Prior to joining Morgan Stanley in 2015, Kataria spent nine years at Bloomberg in a number of different roles. Initially he joined the firm as an analytics specialist in 2006, before shifting to work in electronic FX and futures sales at Bloomberg Tradebook. In 2015, shortly before Kataria left Tradebook, he was named as an FX product manager.
Banks Preparing to Settle EU FX Cartel Case? A report in the Financial Times says that eight banks are preparing to settle with the European Commission (EC) over allegations they formed a cartel to rig foreign exchange markets. The FT names six of the banks as Barclays, Citi, HSBC, JP Morgan, RBS and UBS and says two others are also preparing to settle. Any settlement may also provide extra impetus for the various legal firms seeking to replicate their success in winning civil settlements from banks in the US, in the European Union.