ALEX BRUMMER: Barclays boss Antony Jenkins flounders after he fails to tame 銀行業者s' antics over dark pool 貿易（する）ing

By Alex Brummer for the Daily Mail

Updated: 18:06 BST, 3 July 2014

There is a familiar pattern in the Barclays 返答 to 発覚s of nefarious behaviour on its dark pool 貿易（する）ing 壇・綱領・公約.

長，指導者 (n)役員／(a)執行力のある Antony Jenkins 令状s a 手渡す wringing email to staff 十分な of bromides about ‘深い 失望 and 失望／欲求不満’ that his bank has been 設立する wanting again.

A 魔法 circle 法律 会社／堅い is called in and there is the usual sotto voce （人命などを）奪う，主張する that yet another New York 弁護士／代理人／検事 is trying to make a 指名する.

Change: Barclays 長，指導者 (n)役員／(a)執行力のある Jenkins is 試みる／企てるing to tame the unruly animal instincts in the bank's culture

We know from most of the スキャンダルs that have afflicted banking since the 2007-09 危機 that the 倫理的な clean-up is 証明するing 堅い.

The 特別手当 driven culture, that leads 仲買人s and 銀行業者s to 削減（する） corners, is so 深く，強烈に ingrained that it is hard to eradicate. 平易な 利益（をあげる）s outweigh moral 責任／義務.

As for calling in the lawyers, this too is unhelpful. The Serious 詐欺 Office’s director David Green has told this paper that the 内部の 合法的な 調査 is an 障害, not a help, to enforcers.

It means Barclays’ ‘独立した・無所属’ lawyers (though they can never be that because the bank is 支払う／賃金ing the 料金s) get to the 重要な 証言，証人／目撃するs first, 抽出する 声明s and then （人命などを）奪う，主張する some 肉親，親類d of 特権 for them.

By the time the regulators come to 支配するs with what has been going on the ground has been 完全に ploughed over, making 施行 difficult.

Turning the （米）棚上げする／（英）提議するs on New York 司法長官 Eric Schneiderman by 示唆するing he is on a political 使節団 or engaged in 経済的な 国家主義 doesn’t really work either.

Sure, Schneiderman is an elected 弁護士／代理人／検事-general and, like Eliot Spitzer before him, looks to make a 指名する for himself by corralling bad guys.

Instead of criticising him for doing his 職業 we should be 賞賛するing him for daring to tread where our own regulators dare not.

One only has to look at the feeble 返答 of the 財政上の 行為／行う 当局 et al to Wonga’s misbehaviour this week to see the contrast.

It is to be remembered that 基準 借り切る／憲章d, the last bank to 示唆する some 肉親，親類d of 保護貿易論者 動機s over Iran 許可／制裁s 破産した／（警察が）手入れするing, was bang to 権利s and made to eat humble pie.

Barclays 長，指導者 (n)役員／(a)執行力のある Jenkins is 試みる／企てるing to tame the unruly animal instincts in the bank’s culture.

But in many markets, 範囲ing from Libor to the gold 直す／買収する，八百長をする from Californian energy to foreign 交流, the bank’s 仲買人s have put their own 利益／興味 before those of their 顧客s. < /font>

Dark pool 貿易（する）ing is just too good an 招待 to mischief. Sure, it can be 正当化するd by arguing it 供給するs the market with greater liquidity and because it is used by some 集団の／共同の 会・原則s such as 年金 基金s.

The がまんするing 原則 地位，任命する the 衝突，墜落 and the Volcker 支配する is 最大限 transparency. This has put an end to over-the-反対する 貿易（する）ing in derivatives, which must 取引，協定 over authorised and 規制するd 交流s.

It may seem old fashioned but that is what 株式市場s have done over the centuries.

Moving 貿易（する）ing 支援する to authorised markets should not 妨げる the most modern 科学（工学）技術 存在 used ? after all the London 在庫／株 交流 runs its own dark pool in Turquoise.

The silver lining for 在庫／株 交流s and bourses is that their time may be coming again as the evils of under-the-反対する, high frequency 仲買人s are exposed.

Balancing 行為／法令／行動する

One of the big questions 現在／一般に 占領するing 経済学者s is whether the UK 回復 is unbalanced or balanced.

Perhaps the real answer is that it is balancing. 最新の 証拠 for this is the sharp 増加する in 商売／仕事 投資 climbing at an 年次の pace of 10.6 per cent against 8.7 per cent last time.

悲観論者s argue we shouldn’t get too excited about this since it 代表するs a small 8.2 per cent slice of the economy.

But 経済学者s at Investec also 公式文書，認める that since the third ４半期/4分の1 of 2009, GDP has 拡大するd by 7.5 per cent and 世帯 消費 by 6.1 per cent, which 示唆するs it is not 簡単に a credit 泡 ? based on low 利益／興味 率s and quantitative 緩和 ? that is fuelling 拡大.

It is also 価値（がある） 公式文書，認めるing that the big 不足（高） in the 経常収支 of the balance of 支払い（額）s, that stood at 5.7 per cent in the final three months of 2013, fell to 4.4 per cent in the first ４半期/4分の1. There is a long way to go but the direction of travel に向かって rebalancing is （疑いを）晴らす.

As far as the 政府 is 関心d the best piece of data is the GfK 消費者 信用／信任 索引 which is now at its highest level since 2005.

If the ‘feel good’ factor is 支援する technical 審議s about balance will be of little significance.

Lidl 約束

How terrific that Lidl is spending £220million in the UK, 開始 20 蓄える／店s and creating 2,500 職業s.

Unfortunately, however, because Lidl is a 隠しだてする family-owned German 会社／堅い it 避けるs the 肉親，親類d of scrutiny Tesco was under at its AGM.

There are no 平易な channels for stakeholders, from 供給者s to 消費者s, to make their 見解（をとる）s known if Lidl steps out of line.

競争 is 広大な／多数の／重要な but we must be careful about what we wish for.