Barclays! "If you ain't cheating, you ain't trying,
is
how a Barclays sales manager summed up
the practice of adding secret mark-ups to the
prices quoted to clients for foreign exchange
trades.
This comment encapsulates the damaging
evidence collected against Barclays, which
on Wednesday agreed to plead guilty and
pay $2.38bn in fines for rigging forex and
other markets over five years - the most
any bank has paid for the scandal
including a record fine by the UK's Financial
Conduct Authority.
In a separate move, Barclays also became
the first institution to be fined for
manipulating the US Dollar International
Swaps and Derivatives Association Fix
(Isdafix), a global benchmark for interest
rate products, between 2007 and 2012.