Barclays share price opens lower as SFO questions former traders over Euribor rigging

on Mar 9, 2015
Updated: Oct 21, 2019

Britain’s Serious Fraud Office (SFO) is calling former traders of Barclays (LON:BARC) and Deutsche Bank (ETR:DBK) for interviews as suspects in its long-running criminal probe into whether the euro interbank offered rate, Euribor, was rigged, the Financial Times has reported. According to inside sources cited by the newspaper, the traders are being questioned ‘under caution’, which means that the UK fraud investigators must have at least a reasonable suspicion of wrongdoing. Interviews of this type typically precede any decisions on charging and involve individuals being read their legal rights.

The European Commission (EC) has already charged seven banks for alleged Euribor manipulation. Barclays escaped a €690 million fine in exchange for blowing the whistle on the alleged cartel, while Deutsche paid €725 million to settle allegations related to the manipulation of Libor and Euribor. Both banks have declined to comment on the reported investigation development.
As of 09:06 GMT, Barclays share price was trading 0.08 percent lower at 264.80p, recovering from a larger decline earlier in today’s session. According to the Financial Times, the 26 analysts projecting 12 month price targets for the FTSE 100-listed bank, have a median target of 292.50p, with a high estimate of 365.00p and a low of 210.00p. As of 14 February 2015, the consensus forecast amongst 38 polled investment analysts covering Barclays has it that the company will outperform the market.
As of 09:34 GMT, Monday, 09 March, Barclays share price is 263.85p.

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