Barclays dark pool shares drop after being sued

Barclays Canary Wharf

Barclays saw a 37% decline in the number of U.S. shares that traded in its dark pool during the week that it was sued by New York for allegedly lying to customers of that venue.

Bloomberg News reports that about 197 million shares were traded in the dark pool during the week of June 23, down from 312 million the previous week, according to data from the Financial Industry Regulatory Authority. Three of the bank’s largest rivals - Credit Suisse, UBS and Deutsche Bank - saw increases during the week, the Finra data show.

Barclays lied to customers and masked the role of high-frequency traders as it sought to boost revenue at one of Wall Street’s largest private trading venues, New York Attorney General Eric Schneiderman said in a complaint filed June 25. He cited a pattern of misleading and false representations that went on as recently as April.

To access the complete Bloomberg News article hit the link below:

Barclays Dark Pool Volume Fell 37% in Week of Lawsuit

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