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25 June 2014 Last updated at 23:25
US prosecutors announce fraud charges against Barclays
Fraud charges against Barclays in the US over the bank's "dark pool" trading operations have been announced by New York state prosecutors.
Dark pools allow banks' clients to trade large blocks of shares while keeping prices more private.
Prosecutors said Barclays gave clients and investors "false statements" and misrepresented the kinds of investors that were operating within their private trading stock platforms.
Barclays said it "noted" the complaint.
New York Attorney General Schneiderman said: "The facts alleged in our complaint show that Barclays demonstrated a disturbing disregard for its investors in a systematic pattern of fraud and deceit."
"Barclays grew its dark pool by telling investors they were diving into safe waters. According to the lawsuit, Barclays' dark pool was full of predators - there at Barclays' invitation," he said.
The lawsuit said that Barclay's marketing material was misleading over the extent of high frequency trading in its dark pool.
High frequency traders use fast, sophisticated trading software and can make large profits on very small moves in share prices.
The lawsuit accused Barclays of telling investors trading was being closely monitored and "predatory" traders would be held accountable.
But in fact Barclays did not prohibit a single trading from operating in its dark pool, the law suit said.
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