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Former Barclays trader fined $1.2 million by U.S. Fed

Reuters - UK Focus

(Corrects headline and first paragraph to say trader, not bank, faces fine)

WASHINGTON, Aug 29 (Reuters) - The Federal Reserve Board said on Monday it has fined a former Barclays Plc (LSE: BARC.L - news) foreign exchange trader $1.2 million for manipulating trades.

The former trader, Christopher Ashton, allegedly used chat rooms to coordinate investments and disclose confidential information in foreign exchange trades, the regulator said.

Monday's action followed the board's May 2015 enforcement actions against Barclays for unsafe and unsound practices related to foreign exchange markets, the Federal Reserve said.

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Barclays was required to pay $342 million at that time.

In that case, the bank had settled with the New York State financial regulator and faces civil suits stemming from the alleged abuse. (Reporting by Patrick Rucker; Editing by Jeffrey Benkoe)