Barclays’ Bill White removed from electronic trading amid lawsuit

Nathan Andrada – Fourth Estate Cooperative Contributor

New York, NY, United States (4E) – Barclays Plc announced that it is temporarily removing Bill White from his duties in the bank’s electronic equities trading as the firm focuses in its response to a lawsuit from New York’s Attorney General filed this week, according to a source familiar with the matter.

Mr. White, who oversees of the bank’s equities electronic-trading business, manages the group that operates the so-called dark pool called Barclays LX.

Sources said that Mr. White is being treated as “innocent until proven guilty,” but he was removed from electronic trading operation until the investigation is complete.

The New York Attorney General’s lawsuit against Barclays did not directly name Mr. White but he is referred to by title several times. The complaint alleges that the electronic-trading operation gave preferences to high-frequency traders and the bank misled their clients about this advantage.

In an internal memo sent to employees Thursday, Barclays CEO Antony Jenkins said the bank is conducting a full internal investigation into these claims. Mr. Jenkins also said the firm brought in external resources to help in the investigation and to keep it properly objective.

Latest data from the Financial Industry Regulatory Authority — which started publishing trading activity in alternative-trading venues in May — show that LX was the second-largest alternative-trading system in the U.S.

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