Barclays Slapped With $44 Million Gold Price Fixing Fine

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Barclays Slapped With $44 Million Gold Price Fixing Fine

by TheStreet.com Videos 0:58 mins

Barclays Slapped With $44 Million Gold Price Fixing Fine

by TheStreet.com Videos 0:58 mins

British regulators fined Barclays $43.9 million for one of its traders improperly trying to set the price of gold. The trader, named Daniel James Plunkett, who also received about a $160,000 fine, placed orders in 2012 to drive down the price of gold at a period in the afternoon when five major banks typically fix the price of gold intended for bulk purchasers of the yellow metal. The practice of this so-called "fix" has occurred since 1919. Barclays CEO Antony Jenkins said in a statement about the fine: "We very much regret the situation that led to this settlement. Barclays has undertaken a significant amount of work to enhance our systems and controls and is committed to the highest standards across all of our operations."

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