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
Ashton is suing Barclays for ...
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
the tribunal said they will decide by Wednesday whether to take ...
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
Former Barclays head of spot voice FX trading Chris Ashton claims
he was “scapegoated” by the firm in the wake of the investigations of the Financial
Conduct Authority (FCA) into alleged manipulation of FX rates, and that he was
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.
The US Commodity Futures Trading Commission (CFTC) has closed its investigation into Deutsche Bank’s FX business, the bank revealed in its Q3 results today.
In May 2015, a number of major banks were fined more than $5.8 billion for practices relating to alleged collusion and manipulation of the spot FX market around the 4pm London Fix, by a number of regulatory authorities, including the CFTC.
Deutsche was not one of the firms named in those settlements, but remained under investigation by the CFTC for its FX market practices.
Malaysia’s central bank, Bank Negara, has continued its offensive against what it believes to be market misconduct, saying it has initiated enforcement actions against an un-named local bank relating to dealers’ misconduct involving the fixing of the USD/MYR exchange rate.
Bank Negara says, “The finding indicates that there were communications with traders from other foreign financial institutions which included inappropriate references to the fixing rate submission process. In this regard, the Bank has commenced the due process as stipulated under the Financial Services Act."
Moscow Exchange (Moex) is now offering instruments to trade at the Moex FX USD/RUB and EUR/RUB fixing prices with clearing and settlement via its clearinghouse, NCC Clearing Bank.
The new offering aims to provide Russian and international banks with a hedge against the currency risk of OTC trading in rouble NDF with the net return calculated at maturity as the difference between the forward rate and the Moex fixing rate.
The fixing instruments, USDRUB_FIX0 and EURRUB_FIX0, are traded from 10:00-12:15 MSK on days when the Moex USD/RUB FX Fixing and Moex EUR/RUB FX Fixing (Т+0) are computed.