| CATEGORY: NEWS AND ANNOUNCEMENTS |
Barclays threatens official inquiry |
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Tue 30 May 2006
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LONDON (SHARECAST) - UK mortgage lender Barclays has threatened go to the financial watchdog over rumours of hefty losses in its investment banking arm.
Press speculation said Barclays Capital was considering asking the Financial Services Authority to for an official inquiry into possible short-selling of its shares by traders.
Barclays Capital has been rocked by rumours in recent weeks that its traders have been badly burnt by adverse movements in the commodity markets, losing £600m in one case and £400m in another.
Rumours suggested that dealers at Barclays recorded losses trading base metals and carbon emissions, after huge jolts in their respective markets.
Barclays’ finance director, Naguib Kheraj, scotched the rumours but stopped just short of alleging deliberate market abuse.
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