Wednesday 30 October As it published its third quarter financial resultsBarclays disclosed that it has received official requests for information about its foreign exchange activities.

Barclays is joining a number of other banks — including Royal Bank of Scotland, Deutsche Bank and UBS — in co-operating with the authorities and also shedding light on the nature of the investigation by regulators in the UK, the US and Asia.

The foreign exchange investigations are at an early stage and could be on the scale of the Libor scandal. That led to the departure of its chief executive, Bob Diamond, and the promotion of Antony Jenkinswho has since embarked on a strategy to restore the reputation of the bank through his so-called transform programme. Jenkins used the results to outline a vision for more technology at the bank — which, it is suggested, could lead to 40, job cuts — and said that he was embarking on a new review of the bank's 75 business lines to gauge the riskiness of the operations.

Jenkins said the new finance director Tushar Morzaria, who joined a fortnight ago, would reassess each business line to assess how much capital they are using.

He refused to elaborate on the bank's legal disclosure that regulators are investigating foreign exchange trading "including possible attempts to manipulate certain benchmark currency exchange rates or engage in other activities that would benefit their trading positions".

Barclays has received enquiries from certain of these authorities related to their particular investigations, is reviewing its foreign exchange trading covering a several-year period through August and is co-operating with the relevant authorities in their investigations. Jenkins said his new team — as well as a new finance director, he has a new retail head and new bosses of the investment bank — needed to "push harder" in the final quarter of the year and into After being forced into the cash call by the Bank of EnglandJenkins said the bank was continuing to "reassess the balance sheet for further leverage reduction opportunities consistent with preserving our strong franchises, supporting lending to the UK economy".

When he took the helm he had originally assessed 75 business lines in terms of reputation risks and said he would withdraw from some businesses. The investment bank — the traditional powerhouse of the business and once known as Barclays How to be a freelance graphic designer book — took a hit to income as a result and also suffered a fall in its fixed-income trading.

The shares rose 3. Barclays is in discussions with its shareholders about ways to avoid an EU cap on bonuses being introduced by the EU at the start of next year by introducing a new allowance for its highest paid staff.

It is regarded as the nearest thing to a closing price in a hour, self-regulated market where currencies are traded between professionals at top banks. To calculate the benchmark, WM takes the median of actual trades and order rates during a one minute "fix" period.

The rates are set hourly, or every forex manipulation investigation minutes how to earn free money on virtual families 2 active currencies, and cover some currencies. Forex manipulation investigation are investigating whether traders pushed through trades around the one minute window when the benchmarks are set to try and influence them.

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International edition switch to the UK edition switch to the US edition switch to the Australia edition. The Guardian - Back to home. Regulators request foreign exchange activity information from Barclays in investigation that could match scale of Libor scandal. This article is 3 years old. RBS said it was already reviewing its processes in the foreign exchange markets.

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