'Uneconomic trading' at issue in Barclays power dispute

US power trading
Banks criticise Ferc's line on manipulation

Barclays has taken a tough stance in a high-profile dispute over whether the bank manipulated western US power markets, attacking a key legal theory that has underpinned several recent investigations by the US Federal Energy Regulatory Commission (Ferc).

Ferc's allegations are "based on an economically irrational theory of alleged manipulation”, the bank said in a filing on December 14. The filing comes in response to Ferc's allegations that four former Barclays power traders conspired to

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