Finance
Barclays to Pay $2 Million Fine Over Stock Trade-Routing Lapses
- Finra says Barclays failed to check for better competing deals
- Barclays sent client orders to its own trading venue
A Barclays Plc bank branch in Chelmsford, U.K.
Photographer: Chris Ratcliffe/BloombergThis article is for subscribers only.
Barclays Plc will pay a $2 million fine to resolve allegations that it sent client orders to its own trading venue even when customers could have gotten better deals at competing platforms.
The bank’s US brokerage unit, Barclays Capital Inc., didn’t do reasonable reviews of its execution quality for customer orders sent to its dark-pool trading venue, LX, the Financial Industry Regulatory Authority said Wednesday. The alleged activity occurred from January 2014 to February 2019, Finra said in a release.