World Economy

Barclays, RBS Shares Temporarily Suspended

Barclays, RBS Shares Temporarily SuspendedBarclays, RBS Shares Temporarily Suspended

Trading in the shares of both Barclays and RBS was briefly halted on Monday as both banks face sharp losses in the price of their stock following the UK’s vote to leave the European Union. Shares in both banks fell more than 10% on Monday as an uncertain picture surrounding the future of the British economy—and in particular, the financial sector—is continuing to spook investors and is sending them fleeing from risky equities, Business Insider reported. As that flight continued, trading was stopped to prevent even higher losses. Trading has now resumed after shares were halted for around five minutes, a spokesperson from the London Stock Exchange said. The London Stock Exchange has automatic circuit breakers in place that stop electronic trading on stocks when they fall more than 8%. The two banks resumed trading by mid-morning, with Barclays down 9.76% and RBS 13.30%. Compatriot bank Lloyds has also reappeared after falling more than 20%, down 8.91%.