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June 27, 2014, 5:31 a.m. EDT

Major brokers jump out of Barclays dark pool

Bank launches internal probe into allegations of fraud

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By Bradley Hope

Investors and brokers cut ties with the stock-trading venue run by Barclays PLC /zigman2/quotes/208409333/delayed UK:BARC +0.19%   /zigman2/quotes/206581728/composite BCS -3.47%  ,disconnecting from one of Wall Street’s biggest so-called dark pools as the firm battles allegations of fraud and misleading its customers.

Broker-dealers, including Credit Suisse Group AG /zigman2/quotes/202835784/composite CS -4.93% , Deutsche Bank AG /zigman2/quotes/205584254/delayed DE:DBK -0.45% , Royal Bank of Canada /zigman2/quotes/200638870/delayed CA:RY -0.31% , Sanford C. Bernstein & Co. and Investment Technology Group Inc. , removed connections to the dark pool, called Barclays LX, from their routing systems on Thursday, according to people familiar with the decisions.

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Those moves followed a civil lawsuit filed Wednesday afternoon by New York Attorney General Eric Schneiderman that accused Barclays of allegedly telling customers it would protect them from high-frequency traders while actually catering to such firms. The allegations, including emails among Barclays executives that appeared to describe decisions to mislead clients, reverberated across Wall Street and among institutional investors across the country.

Barclays was “undertaking a full internal investigation into these allegations” and had brought in “external resources to ensure that the investigation can proceed at pace and is properly objective,” Barclays Chief Executive Antony Jenkins said in an internal letter to staff Thursday. The bank was working with the New York authorities, he added, and would address any wrongdoing “quickly and decisively.”

An expanded version of this report appears on WSJ.com

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/zigman2/quotes/208409333/delayed
UK : U.K.: London
210.20 p
+0.40 +0.19%
Volume: 11.22M
Jan. 19, 2022 11:57a
P/E Ratio
N/A
Dividend Yield
1.43%
Market Cap
£35.95 billion
Rev. per Employee
£261,699
loading...
/zigman2/quotes/206581728/composite
US : U.S.: NYSE
$ 11.67
-0.42 -3.47%
Volume: 11.83M
Jan. 18, 2022 4:00p
P/E Ratio
N/A
Dividend Yield
1.39%
Market Cap
$49.35 billion
Rev. per Employee
$358,588
loading...
/zigman2/quotes/202835784/composite
US : U.S.: NYSE
$ 10.03
-0.52 -4.93%
Volume: 7.07M
Jan. 18, 2022 4:00p
P/E Ratio
394.88
Dividend Yield
0.42%
Market Cap
$25.04 billion
Rev. per Employee
$649,972
loading...
/zigman2/quotes/205584254/delayed
DE : Germany: Frankfurt
11.89
-0.05 -0.45%
Volume: 30,719
Jan. 19, 2022 12:57p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
N/A
Rev. per Employee
€417,912
loading...
/zigman2/quotes/200638870/delayed
CA : Canada: Toronto
$ 148.69
-0.46 -0.31%
Volume: 10.04M
Jan. 18, 2022 4:35p
P/E Ratio
13.44
Dividend Yield
3.23%
Market Cap
$212.49 billion
Rev. per Employee
$651,034
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