(Bloomberg) -- Barclays Plc is close to concluding a buyback of securities after the bank accidentally issued billions of dollars more structured and exchange-traded notes than it had registered with the Securities and Exchange Commission. The total cost of the error is still unknown. 

The British lender said in a filing Thursday that $7.7 billion of securities have been submitted for the so-called rescission offer through a tender process, out of a total of $9.5 billion eligible. These will be settled today, it added. 

Some investors have submitted their claims by other means and are under review, the bank added. In total, $17.7 billion of securities were affected. 

“Barclays is currently evaluating the financial impact of the rescission offer and will provide an update in due course,” the bank said. In a second-quarter results presentation, Barclays had put the loss at £751 million ($864 million). The estimate included a £165 million provision for an expected fine from the SEC. 

The bank disclosed in late March that it had issued about $36 billion of investment products after registering with US regulators in August 2019 to sell up to $20.8 billion. The firm was therefore required to buy back affected securities -- a so-called rescission offer -- at their original price. 

Speaking at a conference Monday, Chief Executive Officer C.S. Venkatakrishnan said he hopes to provide an update on talks with the SEC “in the not too distant future.”

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The mistake has been called “basic”, “bizarre” and “embarrassing” by analysts and led Barclays to delay a billion-pound share buyback, suspend the sales of dozens of exchange-traded notes and halt market-making activities in its own debt securities. 

The bank also started an external review into the blunder, saying it will “take appropriate actions.”

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