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MAR, REMIT

Spoofing conviction upheld on appeal

The US appeals court has upheld the conviction of Michael Coscia who was found guilty of market manipulation, receiving a custodial sentence last year (see here). An article on the appeal outcome can be found here on the Reuters web site. The conviction was for engaging in “spoofing” and “layering” in the commodity derivatives markets in the US. Coscia has also been fined by the UK’s FCA, as outlined in this notice, which contains a detailed description of the illegal practices engaged in.

The CFTC has also fined The Bank of Tokyo-Mitsubishi UFJ  (BTMU) for spoofing carried out by a client  on their platforms between 2009 and 2014, as reported here on the Value Walk web site. The fine is relatively small on the basis that BTMU reported the activity when it was discovered. The article also mentions that BTMU has since improved their surveillance capability.

 

About avivhandler

Aviv is the Managing Director of ETR Advisory, a niche consultancy focused on energy and commodity regulation. He has more than 20 years of experience in energy and commodity trading, credit, risk and financial technology. He has delivered a series of trading, credit and risk solutions to a wide variety of oil majors, power and gas companies and investment banks. Prior to founding ETR, he was Partner at SunGard Global Services, where he built a Centre of Excellence in European Energy Regulation. Before that, he founded Coherence, a consulting firm specializing in credit risk in commodity and energy trading as well as software product management. The credit practice ultimately became part of Sirius Solutions, where he was the Managing Director of Europe. He has also held management roles at KWI and Iris Financial, among other organizations. Mr. Handler holds a degree in computer science from Imperial College, University of London.

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