Barclays pays extra $150m penalty for forex misconduct

Barclays will pay an extra $150m (£99m) penalty for misconduct in foreign exchange trading, US regulators said.

The bank will also "terminate" its global head of electronic fixed income, currencies and commodities as part of the settlement.

Regulators said the bank used super-fast trading systems to reject unprofitable client orders, then failed to disclose why they were rejected.

In May, Barclays was fined $2.4bn for manipulating the forex market.

"We are pleased that Barclays worked with us to resolve this matter," said Anthony Albanese, acting superintendent of the New York State Department of Financial Services.

"This case highlights the need for greater oversight and action to help prevent the misuse of automated, electronic trading platforms on Wall Street, which is a wider industry issue that requires serious additional scrutiny."

Barclays was one of five major banks fined this summer for manipulating foreign exchange markets. JP Morgan, Citibank, RBS and UBS were fined a total of $5.7bn.

Regulators said that between 2008 and 2012, several traders formed a cartel and used chat rooms to manipulate prices in their favour.