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Derivatives

Barclays fined £26 mln over London Gold Fixing failings

Barclays has been fined £26,033,500 for failings in systems and controls surrounding the London Gold Fixing from June 7, 2004—March 21, 2013. A former trader at the firm, Daniel James Plunkett, has been fined £95,600 by the FCA and banned from performing any function in relation to regulated activity after the regulator found he exploited the weakness in the firm’s controls to influence the benchmark on June 28, 2012, so to boost his trading book at the expense of one if its clients.

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