FERC Accuses Barclays Of Manipulative Energy Trading

Law360, New York (April 6, 2012, 7:21 PM EDT) -- The Federal Energy Regulatory Commission on Friday accused Barclays Bank PLC and four of its commodities traders Thursday of violating the commission’s ban on energy market manipulation.

In a one-page notice, FERC alleged Barclays and current and former commodities traders Daniel Brin, Scott Connelly, Karen Levine and Ryan Smith engaged in a scheme to trade day-ahead fixed-price electricity to boost the company’s IntercontinentalExchange fixed-for-floating financial swap positions.

The allegations represent the commission staff’s preliminary findings in a formal, nonpublic investigation by the enforcement office, FERC said....
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