FSA hits Barclays with record £59.5m fine

The FSA fined the bank £59.5m for significant failings in relation to LIBOR and EURIBOR, after it sought to profit from the settlement process. The FSA said Barclays made submissions which formed part of the LIBOR and EURIBOR setting process that took into account requests from Barclays' interest rate derivatives traders. These traders were motivated by profit and sought to benefit Barclays' trading positions. It also sought to influence the EURIBOR submissions of other banks contributing to the rate setting process. Barclays qualified for a 30% discount under the FSA's settlement ...