Barclays, FERC near deal in manipulation case

摘要

A massive $453 million enforcement case against Barclays Bank and four of its former traders accused of manipulating electricity prices in California is headed for a settlement agreement, a federal district court said last week. A probe by the US Federal Energy Regulatory Commission concluded in 2013 that traders at Barclays manipulated a daily Intercontinental Exchange index price to benefit the bank's financial swap positions. The scheme allegedly executed by former employees Scott Connelly, Karen Levine, Daniel Brin and Ryan Smith between November 2006 and December 2008 involved building and then flattening substantial monthly physical index positions at four of the then most-liquid trading points in the West.