28-Feb-14
Barclays Bank PLC is closing its electricity trading sector in the United States and Europe continue to retreat began last year, while it claims to be fighting U.S. regulators $ 435 million market manipulation .
Banks have been pulling back the electricity market in general and particularly in commodity markets , Deutsche Bank, JP Morgan Chase and Bank of America announced that the electricity market from around the world to take off in recent months.
Barclays exiting the western United States electricity market last year , and the remaining part of the business has been reviewed by the Bank of England broader strategic reform.
" Our core franchise continues business as usual merchandise , " said in a statement Tuesday , the bank. "This decision is in line with the stated objective of Barclays to assess and manage our business to ensure that they meet the economic and strategic criteria ."
Within the unit employ fewer than 10 people worldwide , according to a person familiar with the matter.
In a statement, the bank said it will continue to manage existing positions. The move was first reported by the Financial Times .
U.S. Federal Energy Regulatory Commission filed a lawsuit last year alleging that Barclays Bank engaged in a scheme to manipulate energy prices in California before traders between 2006 and 2008 , and by entering the money-losing industry to benefit from the physical market transactions in financial derivative positions . The bank has denied any wrongdoing.
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