Barclays Facing Explosive Allegations It Engineered Systems to Rig Financial Markets

Barclays is among a host of global lenders being investigated by the New York banking regulator for tweaking computer programmes on its foreign exchange trading platform to rig markets.
The probe into Barclays and Germany’s Deutsche Bank has been going on since last year, with monitors installed by the New York Department of Financial Services (NYDFS) to gather evidence.
But the investigation has gathered momentum, and now includes a collection of the world’s biggest banks including Goldman Sachs, BNP Paribas, Credit Suisse, and Societe Generale.
Last night experts said the allegations would ‘beg even more serious questions’ about these giants if they are proved to be true.
Several employees at Barclays have been called in to give evidence to the New York watchdog as the investigation reaches an advanced stage.
Barclays has already been hit with a £260m fine from the NYDFS last week as part of its £1.5bn settlement with UK and US regulators over the foreign exchange scandal.
But it is braced for another huge penalty over these separate allegations.
The bank has set aside just over £2bn in total to pay Forex fines, meaning it has around £500m left over.