BarCap Japan hit with 10-day ban

Click to follow
The Independent Online

Japanese regulators have banned the local unit of Barclays Capital from some trading operations for 10 business days for violating rules related to short-selling, Japan's first such punishment in five years.

Regulators said Barclays Capital Japan failed to indicate that it was short-selling while conducting trades on the Osaka Securities Exchange for its overseas affiliates during an 18-month period from February 2010.

In addition, Barclays violated the rules by conducting short-selling at prices equal to or lower than the latest published price on Osaka's bourse.

Barclays Capital said that the infractions were the result of a technical error.

It said that after it had discovered the glitch, it told the regulators and suspended transactions with the system that had caused the problem.