LONDON (Alliance News) - Barclays PLC is set to more than double its provision to cover allegations of foreign exchange market manipulation when it reports annual results next week, Sky News reported on Friday.
According to the report, Barclays' current GBP500 million provision over the forex rigging scandal will be increased as a settlement with a number of US authorities draws nearer. Citing insiders, the report said that a settlement involving the Department of Justice, the New York State Department of Financial Services could arrive as early as the end of March.
Separately, a Financial Times report said that a probe by New York?s Department of Financial Services is holding up settlement of the manipulation allegations.
The report, which cited people familiar with the case, said that the New York banking regulator is not part of Barclays' settlement talks with the UK's Financial Conduct Authority, and the US Department of Justice and the US Commodity Futures Trading Commission.
http://news.sky.com/story/1435001/us-regulators-step-up-forex-settlement-talks
http://www.ft.com/cms/s/0/9bf19754-be0a-11e4-8cf3-00144feab7de.html#axzz3SvRuwhSA
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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