Barclays fined

BARCLAYS BANK, the high street clearer, still reeling from the Russian bond and Long-Term Capital Management hedge fund crises, was yesterday fined pounds 60,000 by the London Metals Exchange for rulebook violations in the past two years.

Offshoot Barclays Capital, one of 14 so-called ring dealing members on the exchange, is not contesting the charges, which relate to failures to input trades correctly. It insists that prompt remedial action was taken after the problems were discovered by the exchange in April.