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30 Jun 2014 (AFR) – Barclays charged over client fraud

(30 June 2014, AFR, p32, John Kehoe)

‘The shocking revelations about the blatant dishonesty of Barclays bank to clients about the existence of so-called “predatory” high-speed traders in its dark pool exchange is a lesson in why transparent financial markets are essential.’

‘The New York Attorney-General Eric Schneiderman,last week filed civil charges against the bank, alleging systematic fraud and deceit. Barclays LX was the second-largest dark pool in the US and grew by assuring clients it was safe and devoid of high-speed traders. In reality, the dark pool was swarming with high-frequency traders who were paying Barclays to trade against its clients.’

Read more at AFR.com (might need AFR login access)

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