Barclays 'strongly disagrees' with energy trading fine In a statement on Thursday responding to the allegations, Barclays said it was "disappointed" with the "one-sided" allegations made by FERC against the bank and four of its traders. "We believe our that our trading was legitimate and in compliance with applicable law," said Barclays. Barclays added that it would "vigorously defend this matter." The bank and the traders have 30 days to appeal against the regulator's decision. The four Barclays traders were fined a total of $18m between them. Scott Connelly, named by the authorities as managing director of North American power at Barclays, was given the largest fine of $15m and described as the "leader of the manipulative scheme." The three other traders were each fined $1m. According to the FERC report, Barclays staff are alleged to have amassed large positions in electricity indices, which they then sold at a loss in order to generate profits from other positions.