Barclays has agreed to pay $150 million to resolve an investigation by New York's banking regulator into a trading practice that allowed the bank to exploit a milliseconds-long lag between an order and its execution to its clients' detriment, the latest fallout from the bank's foreign exchange market business.

The New York Department of Financial Services announced the settlement November 18, and singled out the bank's misuse of its "last look" system, which the regulator said allowed Barclay's a last-second veto of unprofitable trades.