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Barclays 'Cartel' Trader Ashton Draws $1.2 Million Fine From Fed

  • Ex-head of FX spot trading involved in manipulation, Fed says
  • Ashton failed to respond to Fed case filed in June 2016
Photographer: Luke MacGregor/Bloomberg

Barclays Plc’s former head of global spot foreign exchange trading was fined $1.2 million and banned from the banking industry for his involvement in rigging currency rates, the Federal Reserve said Friday.

The Fed said it imposed the penalties after Christopher Ashton failed to respond to the central bank’s June 2016 allegations that he participated in online chat rooms used to manipulate FX prices, according to a statement.