Industry insiders have warned attempts to manipulate prices to protect banks derivative positions could be routine.

An unnamed hedge fund manager told the Financial Times “If I was at the FCA I would be looking at all banks trading digitals. This could be the tip of the iceberg, there’s a massive issue with exotic derivatives and barriers.”

Last week Barclays trader, Daniel Plunkett was fined £95,000 and suspended by the FCA for manipulating the gold price. According to the FCA, a customer owning a gold contract was set to receive a £2.3 million payment if the gold price was above $1,558 at the time of the London fix. Prior to the fix, Plunkett placed a large sell order which pushed the gold price below this level and averted the need for the contract to be paid out.