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Former Barclays forex trader barred by Federal Reserve for pricing benchmark unsafe practices

( July 24, 2017, 18:35 GMT | Official Statement) -- MLex Summary: The US Federal Reserve Board has barred a former Barclays foreign exchange trader from the banking industry for unsafe practices regarding pricing benchmarks. The Fed alleges Michael Weston used electronic chat rooms to discuss the coordination of trading around forex benchmark fixes and to disclose confidential information of Barclays and its customers to traders at other organizations. The action follows a 2015 enforcement against Barclays for unsound practices related to compliance and control failures concerning foreign exchange markets, which resulted in a $342 million fine.Statement follows. See attached order....

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