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Barclays to pay $150M more in forex probe: Regulator

Barclays will pay an additional $150 million penalty to New York State's financial regulator to resolve allegations it rigged foreign exchange markets, the New York Department of Financial Services (NYDFS) said on Wednesday.

The British bank is also terminating a global electronic trading head for foreign exchange-related misconduct, NYDFS said.

Barclays Bank
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Barclays Bank

Barclays, in some instances, used its forex system to automatically reject client orders that would be unprofitable for the bank because of price swings in milliseconds-long hold periods, NYDFS said. The bank, however, did not disclose that the trades were being rejected, but instead cited "technical problems," NYDFS said.

The penalty follows another by NYDFS against Barclays in May, bringing the penalties imposed by the regulator against the bank for forex-related conduct to $635 million.