Barclays faces record fine for manipulating US electricity market.

FT: “The Federal Energy Regulatory Commission is seeking a record penalty of $435m and trying to claw back $34.9m in profits from Barclays for allegedly manipulating the electricity market for 655 business days between November 2006 and December 2008. The regulator is also accusing four former traders at the bank of intent to manipulate the price of power. The case – and the dozens of emails and instant messages released by the FERC – shines a light on the obscure US electricity market, a niche corner of the commodities industry in which banks, utilities, grid companies and hedge funds bet billions of dollars in physical and financial transactions.”