BROWSE BY TOPIC
Stories of Interest
- Banca IMI Securities to Pay $35Mn for Improper Handling of ADRs in Continuing SEC Crackdown
- Members of White House ‘Arts Panel’ Resign En Masse in Protest of Trump
- FINRA Whiffs on Disciplinary Sanction: Bill Singer's 'Negligent Market Manipulation in OTC Stock Promotion'
- Heather Heyer’s Mother Says, ‘I’m Not Talking to the President’
- Goldman Sachs May Have Lost $100Mn on Energy Bet Gone Wrong
- SEC Drops Case Against Ex-JPMorgan Traders Over 'London Whale'
- Financial Advisers That Invest in Technology Need to Accomplish These Two Things
- FINRA Amends Codes Regarding Expedited Arbitrator List Selection
- FINRA July 2017 Quarterly Disciplinary Review (Podcast)
- Senior Exec in Citigroup's Equities Unit Has Left
- Prudential Plotting its Escape From Fed's Tough Oversight
- Why CEOs Spurned Trump's Business Councils, in Their Own Words
- A Stockbroker, Her LLC, and Her Customers' Loans (Or Investment?) - Bill Singer
- Brian Quintenz Sworn In as CFTC Commissioner
- A Gary Cohn Resignation Would 'Crash the Markets' – Mgmt Guru Jeffrey Sonnenfeld
- Trading Firm DRW to Buy RGM Advisors - As Low Volatility Forces Out Weak HFT Players (subsc reqd)
- Reputational Damage - Rajat Gupta on Hard Road to Recovery
- 7th Circuit Affirms Spoofing Conviction - Bill Singer
- Wells Fargo Announces Board Changes
- Judge Rules Against Ex-Goldman Employee in Fed Leak Case
We seek to provide information, insights and direction that may enable the Financial Community to effectively and efficiently operate in a regulatory risk-free environment by curating content from all over the web.
Stay Informed with the latest fanancialish news.
NEWSLETTERS & ALERTS
Federal Reserve Bans, Fines Former Barclays FX Trader
On Friday, the Federal Reserve imposed a $1.2 million fine and permanently banned Christopher Ashton, the former Global Head of Foreign Exchange (FX) Spot Trading at Barclays Bank PLC, on charges he manipulated FX pricing benchmarks. The Fed originally announced these sanctions last August – over 9 months ago – but they were only finalized this week after Ashton provided no inclination to respond to the Fed’s charges.
Ashton was charged by the Fed in June 2016 with unsafe and unsound practices related to his use of electronic chat rooms to: (i) coordinate FX trading; (ii) facilitate manipulation of FX pricing benchmarks; and, (iii) disclose confidential customer information to traders at other organizations
The enforcement proceedings against Ashton follow the Board's May 2015 enforcement actions against Barclays for unsafe and unsound practices related to its compliance and control failures concerning its practices in the FX markets. The Board required Barclays to pay $342 million in penalties.
‘THE CARTEL’ CHAT ROOM. Most prominent in the Fed investigation was “The Cartel” chat room, where Ashton and senior traders at JPMorgan, UBS and other banks allegedly shared information and agreed upon ways to try and move currency benchmarks. In July 2016, former UBS Group trader Matthew Gardiner – another member of The Cartel – was banned by the Fed from the banking industry.
In its case, the Fed also said that Ashton created a chat room called “Sterling Lads,” which he used for discussing trading in the British Pound, and for his alleged efforts at rate manipulation. As further proof that Ashton colluded in the FX markets, the Fed pointed out that Ashton’s bonus had nearly doubled, from $497,000 to $948,000, after he joined the live electronic discussions.