GO
Loading...

Enter multiple symbols separated by commas

-Barclays fined $44 mln for gold price setting failures

Traders work on the floor of the New York Stock Exchange.
Getty Images
Traders work on the floor of the New York Stock Exchange.

Barclays has been fined £26 million ($43.8 million) for control failings over its setting of gold prices, which occurred just a day after the British bank was fined $450 million for rigging Libor interest rates.

It is the first bank to be fined over attempted gold market manipulation, although a source said the Barclays fine was a one-off case and not part of a wider investigation into gold market price rigging.

It marks another blow to Barclays' attempts to put past problems behind it.

The Financial Conduct Authority said there were failings at Barclays from 2004 until 2013, but the key event occurred on June 28, 2012.

Read MoreBarclays profit falls ahead of bank reorganization

It banned former Barclays trader Daniel James Plunkett for exploiting weaknesses in the British bank's systems.

"A firm's lack of controls and a trader's disregard for a customer's interests have allowed the financial services industry's reputation to be sullied again," said Tracey McDermott, the FCA's director of enforcement and financial crime.

"Plunkett's actions came the day after the publication of our Libor and Euribor action against Barclays. The investigation and outcomes in that case meant that the firm, and Plunkett, were clearly on notice of the potential for conflicts of interests around benchmarks," she said.

Follow us on Twitter: @CNBCWorld

Contact Europe News

  • CNBC NEWSLETTERS

    Get the best of CNBC in your inbox

    Please choose a subscription

    Please enter a valid email address
    To learn more about how we use your information,
    please read our Privacy Policy.

Europe Video

  • Tsipras' posturing aimed at Greek voters: Economist

    Konstantinos Venetis, an economist at Lombard Street Research, says posturing over debt negotiations by Greek Prime Minister Alexis Tsipras is a tactic aimed at domestic voters.

  • Draghi to talk bunds: Strategist

    Kit Juckes, global head of foreign exchange strategy at Societe Generale, explains why ECB president Mario Draghi is likely to favour discussion of the German bund market rather than the euro.

  • Corruption is a dying industry: CEO

    V. Shankar, CEO of EMEAA for Standard Chartered, says that corruption is not an African issue but global and that African citizens themselves will be the greatest at rebelling against corruption.