Apr 29, 2022

Barclays suspends new sales and trading in its own debt after US error

Barclays has suspended all new issuance of its own debt and halted market-making activities for its notes, following a paperwork error in 2019 that has already delivered a £540mn hit to the bank. The trading suspension affects securities of the group holding company Barclays Plc as well as Barclays Bank, the internationally-focused unit that runs the investment bank, according to a statement on Friday. "What a mess," said one of the investors, noting that other trading desks would have to take market share from Barclays in buying and selling its own debt. The 2019 blunder, in which Barclays exceeded a limit for issuing exchange-traded notes by $15bn, is under investigation by the US Securities and Exchange Commission. Alongside its own debt, Barclays has also suspended sales of another 30 exchange-traded notes until it is able to fix the errors and restate its annual report with US regulatory approval.

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