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Thursday 18 September 2014

Barclays share 'dark pool' drains after legal action

Richard Partington

Published 22/07/2014 | 02:30

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Barclays has seen the number of US shares traded decline for a second week
Barclays has seen the number of US shares traded decline for a second week

Barclays saw the number of US shares traded in its so called dark pool decline for a second week after it was sued by New York for allegedly lying to customers.

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About 66 million US shares were traded in the dark pool in the week of June 30, down 66pc from about 197 million in the previous week, according to data from the Financial Industry Regulation Authority. It follows a 37pc decline the previous week.

UK-based Barclays lied to customers and masked the role of high-frequency traders as it sought to boost revenue at one of Wall Street's largest private trading venues, New York Attorney General Eric Schneiderman said in a complaint filed June 25.

Barclays chief executive officer Antony Jenkins, in a memo to staff, said the lawsuit represents "serious charges that allege a grave failure to live up to our values." 
(Bloomberg)

Irish Independent

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