Trade Error May Wind Up Costing Barclays $4 Million
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A trading error at Barclays Plc this week caused split-second swings in dozens of U.S. stocks including AOL Inc. and Caterpillar Inc., according to people familiar with the matter.
Barclays moved the prices of some shares on May 13 after orders tied to the close of trading were incorrectly entered, causing the transactions to be executed immediately, the people said. Barclays clients weren’t affected financially by the error, and less than $4 million is probably at stake, according to one person, who asked to not be identified because the details haven’t been made public.