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Barclays has been threatened with fines of $470m (£291m) by US regulators to settle accusations it sought to manipulate the California energy markets from 2006-2008. The Federal Energy Regulatory Commission has been investigating it, the bank revealed on Wednesday. Barclays denies the charges. The fine is larger than the one it paid over the Libor rate-rigging scandal. The bank is also the subject of other regulatory inquiries. Barclays now has 30 days to contest the fine.
Manipulating prices
The proposed fine is over communications by four traders on Barclays' West Coast power desk. The team of four traders - veterans of power firm Mirant, which was fined hundreds of millions of dollars after the California power scandal a decade ago - was said by Ferc to have exchanged messages explaining how they would use certain trades in one market to profit in another.....Read more here: BBC News - Barclays faces $470m energy fine from US regulators
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