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Dodd Frank, MAR, REMIT

More US anti abuse activity – previous metals – more spoofing

Following the charging of several individuals earlier this year (see here) an additional trader, formerly of JP Morgan Chase and Co, has been charged with market manipulation in precious metals futures on Comex and Nymex over a period ranging from 2008 to 2016. The notice from the Department of Justice can be found here. The notice alleges that the trader and his colleagues engaged in  “widespread spoofing, market manipulation and fraud while working on the precious metals desk”. The next hearing is in early December. This article on the Reuters web site also provides commentary.

The charge is the latest in a line of anti abuse activity relating to spoofing. This article on the Government Contracts and Investigations blog looks at recent activity and its implications.

 

 

About avivhandler

Aviv is the Managing Director of ETR Advisory, a niche consultancy focused on the regulation of the commodity, energy and financial markets. He has more than 23 years of experience in the financial, energy and commodity markets, covering regulatory compliance, credit, risk and financial technology. Prior to founding ETR, he was Partner at SunGard Global Services, where he built a Centre of Excellence in European Energy and Commodity 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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