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November 2, 2012

Barclays case shocks the energy market

The multibillion US electricity market has seen some Hollywood-style action.

““It is like that battle scene from Braveheart: hold … hold … unleash hell!” That is how one electricity trader at Sempra Energy describes Barclays’ trading style in an instant-message exchange dated February 2007. “That’s funny as hell,” the bank’s trader responds.

“US regulators weren’t so amused. The Federal Energy Regulatory Commission is seeking a record penalty of $435m and trying to claw back $34.9m in profits from Barclays for allegedly manipulating the electricity market for 655 business days between November 2006 and December 2008. The regulator is also accusing four former traders at the bank of intent to manipulate the price of power.”
Read Javier Blas’s full FT article here
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