There were serious weaknesses in Barclays’ systems and controls around transaction reporting. Firms are required to submit data for reportable transactions by close of business the day after a trade is executed. The FSA uses this data to detect and investigate suspected market abuses, such as insider trading and market manipulation. Barclays’ failure will cost it £2.45m. The fine was reduced by 30% in light of the firm’s full cooperation with the FSA.