Barclays Reaches Foreign Exchange And ISDAfix Settlements - Quick Facts

(RTTNews) - UK-based lender Barclays Plc. (BARC.L, BCS) said that, as part of their industry-wide investigations into certain sales and trading practices in the Foreign Exchange or "FX" market, it reached settlements with the U.S. Commodity Futures Trading Commission or "CFTC", the New York State Department of Financial Services or "DFS", the U.S. Department of Justice or "DOJ", the Board of Governors of the Federal Reserve System or "FRB" and the UK Financial Conduct Authority or "FCA". Barclays has agreed to pay a combined total of 1.534 million pounds.

In common with other financial institutions announcing FX settlements with the DOJ, Barclays has also agreed to plead guilty to a violation of US anti-trust law.

The fine imposed by the DOJ includes an amount of 38.7 million pounds or US$60 million as a consequence of certain practices continuing after Barclays entered into a Non-Prosecution Agreement ("NPA") with the DOJ in June 2012.

However, the DOJ has exercised its discretion not to declare a breach of the NPA recognising the significant cultural and compliance changes already instituted by Barclays and the degree of co-operation that Barclays provided in the course of the DOJ's investigation. As the settlements show, Barclays has also received recognition for these changes and its co-operation from other authorities.

Barclays has also reached a settlement with the CFTC as part of an industry-wide investigation into the setting of the US Dollar ISDAfix benchmark. In connection with this resolution, Barclays has agreed to pay 74.2 million pounds or US$115 million.

The fines imposed under today's settlements are covered by existing provisions of 2.05 billion pounds, including those taken by Barclays in it's the first-quarter 2015 results.