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NEW YORK---British banking and
financial services firm Barclays PLC
misled large institutional investors
and other clients by falsely telling
them it was taking measures to protect
them from predatory high-frequency
traders, New York s attorney general
The allegations against Barclays were
contained in a securities fraud lawsuit
that Attorney General Eric Schneider-
man announced at a Manhattan news
The complaint, filed in state Supreme
Court, portrays "a flagrant pattern of
fraud, deception and dishonesty with
Barclays clients and the investing pub-
lic," the attorney general said.
In a statement, Barclays spokesman
Mark Lane said the bank was co-oper-
ating with the attorney general.
"We take these allegations very seri-
ously. ... The integrity of the the market
is a top priority at Barclays," Lane said.
The lawsuit alleges Barclays, which
has headquarters in London, deceived
investors about its dark pool, an elec-
tronic trading operation intended to
shield them from the high-frequency
traders who use sophisticated computer
programmes to get early access to pend-
ing orders and other market-moving
information. The bank promoted a serv-
ice it claimed was a "surveillance" sys-
tem that would identify and hold
accountable "toxic," predatory" and
"aggressive" traders, the lawsuit says.
Instead, the service "was essentially
a sham," Schneiderman said. "Barclays
has never prohibited any trader from
participating in its dark pool, regardless
of how predatory or aggressive its
behaviour was determined to be."
Information from former high-level
insiders at Barclays and e-mail evidence
show that Barclays was determined to
raise profits by making its dark pool,
referred to internally as The Franchise,
the largest on Wall Street, New York
To help reach that goal, the firm "dis-
closed detailed, sensitive information
to major high frequency trading firms
in order to encourage those firms to
increase their activity in Barclays dark
pool," the complaint says.
The lawsuit also accuses the bank
of misleading investors by telling them
that it would spread orders around to
various trading exchanges based on
performance. In reality, it says, the bank
was routing the vast majority of trades,
75 per cent, to its dark pool.
The lawsuit asks the court to order
Barclays to halt the behaviour and pay
unspecified damages. (AP)
NY AG sues Barclays,
A visitor watches the system of Toyota Motor's new fuel cell vehicle (FCV) on display at the
company's showroom in Tokyo, yesterday. The new model will go on sale in the Japanese market
with a sticker price of about seven million yen (US$68,690) before April 2015, and preparations are
underway for launches in the US and European markets in the summer of 2015. AP PHOTO
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