Dive Summary:
- Federal energy regulators in the U.S. want $470 million from Barclays to settle allegations that traders manipulated California energy markets.
- Barclays responded, with a statement that it "strongly disagreed" with the U.S. Federal Energy Regulatory Commission's findings, and it has 30 days to make its case for why it should not suffer consequences.
- "We have cooperated fully with the FERC investigation, which relates to trading activity that occurred several years ago," Barclays spokesman Mark Lane told Reuters. "We intend to vigorously defend this matter."
From the article:
"... In a potentially record penalty that could eclipse fines over rigging the inter-bank lending rate known as Libor, the U.S. Federal Energy Regulatory Commission said Barclays has 30 days to show why it should not be penalized for an alleged scheme of manipulating physical electricity markets in order to benefit from related positions in the swaps market. ..."
