Former Barclays trader banned and fined $1.2 million by the Fed

Christopher Ashton, ex-global head of FX spot in London, used 'unsafe and unsound practices' to manipulate FX rates

US Fed
Federal Reserve: Christopher Ashton received personal benefit from his manipulative and collusive misconduct

A former Barclays foreign exchange trader and member of a chatroom that called itself ‘the Cartel' has been fined $1.2 million and banned permanently from working in the US banking industry by the Federal Reserve for engaging in co-ordinated trading with competitors and manipulating fix rates.

Christopher Ashton, former global head of the FX spot business at the UK bank, used chatrooms to manipulate FX currency benchmarks and share confidential, commercially sensitive information in order to

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