FOREX RIGGING
Fed plans to ban former Barclays trader
Washington Former Barclays trader Peter Little, who was accused of using electronic chat rooms to co-ordinate with bank traders allegedly trying to manipulate foreign-exchange rates, is being fined $487,500 by the Federal Reserve and faces a permanent ban from US banking. When he led the Barclays FX spot desk in New York, Little engaged in unsafe and unsound practices and failed to properly supervise subordinate traders, the Fed said on Friday. The sanctions against Little follow Fed banking bans imposed on former Barclays traders Christopher Ashton and Michael Weston. Little was fired by the bank in 2013. Traders from Barclays were associated with "the Cartel", the name given to a now-notorious chat room used by senior traders at banks including JPMorgan Chase and UBS to share information and agree on ways to try to move currency benchmarks, including the so-called 4pm fix. Little’s information was frequently exchanged with traders active in the Cartel, according to the Fed’s enfor...
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