.16 Dec 2012 20:09
WASHINGTON, Dec 16 (Reuters) - Barclays Bank PLC has denied that it manipulated electricity markets and predicted in a tersely worded regulatory filing that the U.S. Federal Energy Regulatory Commission's case, and proposed record penalties, will not hold up in court.
In a filing made late on Friday, a response to a 'show cause' order by FERC, Barclays and four of its former traders rejected the commission's charge that they enacted various schemes in the markets in the Western United States to benefit offsetting swaps positions.
FERC's 'underlying allegations are inconsistent with the facts and incorrectly rely on erroneous inferences drawn from mere fragments of documents,' Barclays said. 'Barclays did not violate the Commission's Anti-Manipulation Rule.'