Consequently, Axiom stipulated that Barclays’ policy resulted in significant damages for clients, as well as a flagrant breach of contract in its trading methodology. Barclays has agreed to pay $150 to settle a US lawsuit accusing it of rigging its foreign exchange trading system to reject client orders that would be unprofitable for the US bank; this comes three months after the bank agreed to pay $50m m and fire a senior electronic trading official to resolve similar claims by Barclays . The lawsuit arose from " Last Look ", a Barclays trading system feature meant to deter traders from exploiting tiny delays, often just a few milliseconds, in the flow of information within the marketplace; however, it has been claimed that Barclays used Last Look as a "general filter" to weed out unprofitable trades.
Barclays has agreed to pay $150 to settle a US lawsuit accusing it of rigging its foreign exchange trading system to reject client orders that would be unprofitable for the US bank; this comes three months after the bank agreed to pay $50m m and fire a senior electronic trading official to resolve similar claims by Barclays . The lawsuit arose from " Last Look ", a Barclays trading system feature meant to deter traders from exploiting tiny delays, often just a few milliseconds, in the flow of information within the marketplace; however, it has been claimed that Barclays used Last Look as a "general filter" to weed out unprofitable trades.