Bloomberg News

Barclays Ordered to Halt Part of Japan Brokerage for 10 Days

September 30, 2011

(Updates with company comment in fourth paragraph.)

Sept. 30 (Bloomberg) -- Barclays Plc was ordered to suspend part of its Japan brokerage business for 10 days after breaching Japanese securities rules, the country’s finance regulator said.

The Financial Services Agency’s suspension will take place from Oct. 11 to Oct. 24, the regulator said in a statement. The regulatory action affects the London-based company’s equity trading in Japan between Barclays’ affiliated companies, the agency said.

The violation took place after Barclays failed to report short-sale transactions properly to the Osaka Securities Exchange, the agency said in a statement to its website. The FSA also ordered Barclays to submit a report to the regulator by Oct. 21 detailing who is responsible for the violation and how it will prevent another occurrence.

Barclays “will enhance further our compliance processes and governance to prevent such an error from reoccurring,” the brokerage said in a statement e-mailed to Bloomberg News.

--Editors: James Gunsalus, Jarrett Banks

To contact the reporters on this story: Takahiko Hyuga in Tokyo at thyuga@bloomberg.net; Shingo Kawamoto in Tokyo at skawamoto2@bloomberg.net

To contact the editor responsible for this story: Chitra Somayaji at csomayaji@bloomberg.net


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