Join the iFX EXPO Asia and discover your gateway to the Asian Markets Barclays has agreed to pay $ 50 m to settle a US lawsuit accusing it of rigging its foreign exchange trading system to reject client orders that would be unprofitable for the UK bank ; this comes three months after the bank agreed to pay $ 150 m and fire a senior electronic trading official to resolve similar claims by the New York State Department of Financial Services . The lawsuit stems 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 $ 50 m to settle a US lawsuit accusing it of rigging its foreign exchange trading system to reject client orders that would be unprofitable for the UK bank ; this comes three months after the bank agreed to pay $ 150 m and fire a senior electronic trading official to resolve similar claims by the New York State Department of Financial Services . The lawsuit stems 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 .