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New York won't settle with Barclays soon over forex algorithms

Reuters - UK Focus

By Karen Freifeld and Suzanne Barlyn

April 21 (Reuters) - New York's banking regulator won't settle with Barclays Plc (LSE: BARC.L - news) over foreign exchange trading in the coming weeks unless the bank agrees to carve out of the deal the possible rigging of rates through computer programs, the agency's superintendent said on Tuesday.

"There are two options: You can do a settlement in May with a carveout, or you can do a settlement later without a carveout," Benjamin Lawsky, superintendent of New York's Department of Financial Services said.

Barclays is among a handful of banks expected to come to terms in the coming weeks with the U.S. Department of Justice and other authorities over the manipulation of foreign exchange rates. (Reporting By Karen Freifeld; Editing by Chizu Nomiyama)