Barclays fined $470m for electricity market manipulation

Barclays has been fined $470m (£293m) by US regulators after having been found to have manipulated the American electricity

market. The Telegraph reports the US Federal Energy Regulatory Commission (FERC) has provisionally fined the bank $435m and ordered it to repay $34.9m in "unjust profits".

It accused the lender of engaging in a "coordinated scheme to manipulate trading at four electricity trading points in the western US".

Four Barclays traders, including Scott Connelly, manning director of North American power at Barclays, were named and fined a total of $18m for taking part, the paper reported.
Barclays said it would fight the allegations "vigorously".