This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at http://www.bbc.co.uk/news/business-23337178

The article has changed 9 times. There is an RSS feed of changes available.

Version 4 Version 5
Barclays fined $453m in US over energy market-rigging Barclays and four traders fined $453m over US energy market-rigging
(about 1 hour later)
US regulators have fined Barclays $453m (£300m) for manipulating energy markets in California and other states from November 2006 to December 2008. US regulators have upheld a fine on Barclays and four of its traders of $453m (£300m) for allegedly manipulating electricity prices.
Barclays and four of its traders must also pay $34.9m to the low-income home energy assistance programs of Arizona, California, Oregon and Washington. Barclays must pay £435m within 30 days, while one trader must pay $15m and three others $1m each.
They have 30 days to pay the fines imposed by the Federal Energy Regulatory Commission. Barclays must also forgo $34.9m in profits, which will be distributed to low-income aid programmes in Arizona, California, Oregon and Washington.
Barclays said it intended to "vigorously defend this matter".Barclays said it intended to "vigorously defend this matter".
"We are disappointed by the action that FERC took today. We believe the penalty assessed by the FERC is without basis, and we strongly disagree with the allegations made," it said in a statement. The fines were first proposed by staff at the Federal Energy Regulatory Commission (FERC) last October, and have now been upheld by the body's board of commissioners.
FERC accused Barclays of manipulating the electricity markets in California and other states from November 2006 to December 2008.
But the bank said in a statement: "We are disappointed by the action that FERC took today. We believe the penalty assessed by the FERC is without basis, and we strongly disagree with the allegations made."
In addition to the company fine, Barclays traders Daniel Brin, Scott Connelly, Karen Levine and Ryan Smith - who are accused of manipulating an index relating to electric energy prices in the western part of the US - were ordered to pay substantial sums.In addition to the company fine, Barclays traders Daniel Brin, Scott Connelly, Karen Levine and Ryan Smith - who are accused of manipulating an index relating to electric energy prices in the western part of the US - were ordered to pay substantial sums.
Mr Connelly must pay $15m, while Mr Brin, Ms Levine and Mr Smith were told they owed $1m each.Mr Connelly must pay $15m, while Mr Brin, Ms Levine and Mr Smith were told they owed $1m each.
'Crazy - I love it''Crazy - I love it'
Regulators relied on electronic communication between the traders to build their case.Regulators relied on electronic communication between the traders to build their case.
In a series of electronic messages, according to the FERC complaint, the traders boasted of their ability to manipulate markets.In a series of electronic messages, according to the FERC complaint, the traders boasted of their ability to manipulate markets.
In an email exchange, one of Mr Connelly's colleagues asks: "You going to have fun with the index all month?" and in another, Mr Connelly responds to details of market volatility with: "Crazy - I love it."In an email exchange, one of Mr Connelly's colleagues asks: "You going to have fun with the index all month?" and in another, Mr Connelly responds to details of market volatility with: "Crazy - I love it."
One exchange, dubbed the "Friday burrito incident" in the report, is singled out for particular mention.One exchange, dubbed the "Friday burrito incident" in the report, is singled out for particular mention.
The FERC alleges that Mr Connelly sought to deliberately misdirect a staff member of the Western Power Trading Forum, who published an energy newsletter called the Friday Burrito.The FERC alleges that Mr Connelly sought to deliberately misdirect a staff member of the Western Power Trading Forum, who published an energy newsletter called the Friday Burrito.
The FERC alleges that Mr Connelly responded to an article noting unusual patterns of trading with a seemingly innocuous explanation denying manipulation and told the publisher to "embrace the change". Mr Connelly then allowed his response to be published anonymously.The FERC alleges that Mr Connelly responded to an article noting unusual patterns of trading with a seemingly innocuous explanation denying manipulation and told the publisher to "embrace the change". Mr Connelly then allowed his response to be published anonymously.
All four traders have left the firm.All four traders have left the firm.
The FERC had initially levelled the charges against Barclays in October 2012.
This is the latest scandal to rock the bank.This is the latest scandal to rock the bank.
Chief executive Bob Diamond resigned last year after Barclays was fined £290m by UK and US regulators for rigging the key Libor interest rate. Barclays was fined £290m last year by UK and US regulators for attempting to rig the key Libor interest rate.