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Market abuse – Insider trading, $25m spoofing fine in the US and discussion on intra-day trading rules

The long running case against Fabiana Abdel-Malek, a former compliance officer at UBS AG, and Walid Choucair a day trader (see here) has returned a “guilty” verdict. Abdel-Malek was accused of providing Choucair with inside information in person, using a “burner” phone and personal meetings to communicate. The case is reported here on and here on … Continue reading

MiFID II position limits opinions

Last week ESMA issued 3 MiFID II position limit “opinions” on 3 commodity derivative contracts traded on EEX. This follows the publication of opinions in May (see here). Each opinion has confirmed the limit at the level originally set. The documents explain the rationale for each limit, how the deliverable supply has been calculated and how spot … Continue reading

ACER sanctions list

ACER has put up this page on their web site, showing all sanctions issued across the EU against market participants under REMIT Articles 3 and 5 (Insider trading and market manipulation). There have been several cases over the past year (see here). Decisions related to other parts of REMIT are not included.

EMIR REFIT – Updates

This blog is back after a short break. Last week, ESMA published an updated Questions and Answers (Q+A) document, as well as a letter around REFIT (see here). The updated Q+A, which can be found here, has two new answers: OTC 3 (Page 18) – Relates to the calculation of the clearing threshold under the … Continue reading