Dark Pools Matter As Barclays Clatters


Sandy Chen, banking analyst at Cenkos, believes that the US authorities might be considering injunctions on dark pool trading – and suggested that Barclays’ banking licence in New York could be reviewed. He said: “If attorney general Schneiderman executes this according to plan, we would expect him to review Barclays Libor non-prosecution agreement and Barclays New York banking licence in due course.” He added: “Barclays’ response noted that the complaint seeks ‘injunctive relief’– which we think signals that the New York attorney general and Barclays are already debating whether injunctions on dark pool trading should be imposed.”

The bank’s run-in with regulators in June 2012 over Libor rigging – for which it was fined £290m – left Barclays with a promise that is would not face prosecution in the US provided it broke no more rules in the next two years. The Libor fine was issued at the end of June 2012.

A systematic pattern of fraud and deceit.

More detailed than the Times report.

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