Barclays Plc was ordered to pay an additional $150 million fine to New York State’s financial regulator after accusations that it rigged foreign exchange trading by putting the bank’s interest ahead of the clients’. A bank global electronic trading head was also terminated for reasons of foreign exchange-related misconduct. Barclays allegedly did not disclose to its clients that trades were being rejected because of a feature on its forex trading platform called “Last Look.” Last Look was used to automatically reject orders that would be unprofitable for the bank because of price swings in milliseconds-long holding periods the bank imposed after trades were placed. The bank was penalized in May of this year as well, bringing the fines against it for forex-related misconduct to $635 million.
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