In its issue of May 24/25, 2014, the Financial Times has extensively commented the GBP 26 million fine sentenced by UK regulators against Barclays for gold rigging. UK’s Financial Conduct Authority found that a trader from Barclays had manipulated the London gold fix and reprimanded the bank for “nine years of lax controls”. If this fine is not spectacular compared to the USD 2.6 billion fine imposed to Credit Suisse for helping US tax evaders, “the penalty is key for other reasons”. First, it should accelerate the end of the gold price fixing. Second, contrary to the Credit Suisse case, where the bank was helping its consumers to circumvent tax regulations, the gold fixing manipulation was executed to “benefit Barclays to the tune of USD 3.9 million at the expense of a customer.” Finally, the trader started its employment for Barclays on June 28, 2012, the day after “Barclays had paid GBP 290 million to UK and US regulators to settle allegations of manipulating the Libor interest benchmark.”

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