Barclays attempted to cancel Swiss franc trades

British bank tried to renege on counterparty trades, sources say

Barclays Bank sign
Barclays under fire for executing trades at prices that it later withdrew

Barclays tried to cancel EUR/CHF trades placed by counterparties in the immediate aftermath of the Swiss National Bank's decision to remove its 1.20 currency floor, before re-evaluating and trying to negotiate new price levels, according to industry sources.

The British bank told counterparties, which include Societe Generale and buy-side clients, that trades executed electronically between 9.30am and 9.40am London time on January 15 – straight after the SNB made its decision to remove the 1.20

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Investment banks: the future of risk control

This survey report explores the current state of risk controls in investment banks, the challenges of effective engagement across the three lines of defence, and the opportunity to develop a more dynamic approach to first-line risk control

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