Money managers and brokers are shunning Barclays Plc’s dark pool after allegations the bank lied to clients about whether they would be dealing with high- frequency traders, according to people with knowledge of the matter.
U.S. stocks dropped as data showed consumer spending grew less than forecast in May and a Federal Reserve official said interest rates may rise by March. Treasuries climbed with emerging-market equities and oil slid.
Today’s decision to continue pit trading at the London Metal Exchange not only preserves the vanishing tradition of face-to-face bidding, it helps the exchange remain credible in the wake of scandals in the setting of other international benchmark prices -- currencies and the interest rate known as Libor.
China has approached foreign banks and gold producers to participate in a global gold exchange in Shanghai, people familiar with the matter said, as the world's top producer and importer of the metal seeks greater influence over pricing.