Barclays’ ‘last look’ system in spotlight as trader fights to get job back
London — A fired Barclays Plc trader says there was nothing wrong with the way he applied a tool that blocked some unprofitable currency trades to all clients, rather than just "toxic" ones. David Fotheringhame, a former managing director at the bank, is trying to get his job back in a London court, where he revealed details of how he used the so-called "last look" system. He lost his post in 2016 after the New York Department of Financial Services, which investigated Barclays’ use of the computer system, ordered the bank to dismiss him and pay $150m. Bank officials thought the order was unfair but signed it "on pain of losing their banking licence and hence having to close their US businesses," he said in court filings. The lawsuit provides a glimpse into the bank’s use of last look as the tool faces increased scrutiny across the industry. Last month, central bankers and other market participants made their strongest statement yet against its use. Government officials and traders w...
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