Barclays could face another $100 million fine in FX inquiry: FT

Nov 17 (Reuters) - British bank Barclays Plc (LSE: BARC.L - news) could face another $100 million fine by the New York Department of Financial Services (DFS) over forex market practices, the Financial Times reported, citing people familiar with the case.

The New York Department of Financial Services could not immediately be contacted for comment. Barclays declined to comment on the report.

The DFS is focussing on a practice of backing out of trades at the last minute if the market moves against the bank, known as "last look", according to FT. (http://on.ft.com/1N9FRmw)

Industry guidelines warn banks not to abuse "last look" rights to reject deals on foreign exchange platforms.

Barclays had agreed in May to pay $650 million on charges related to U.S (Other OTC: UBGXF - news) . dollars and euro trading in the forex spot market.

The latest fine is smaller than the one in May because it relates to a smaller volume of trades, the FT said.

Barclays agreed to pay $120 million earlier this month to settle private U.S. litigation accusing it of conspiring with rivals to rig the benchmark interest rate known as Libor.

(Reporting by Parikshit Mishra in Bengaluru; Editing by Ruth Pitchford)