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Corona, Dodd Frank, MAR, REMIT

Market abuse updates – Corona related and otherwise

There have been several reports around the selling of stocks by Senator Richard Burr, the chairman of the Senate Intelligence Committee as well as  Senator Sen. Kelly Loeffler and others. The allegations are around the selling of the stocks before information was made public about the extent of the spread of the Corona virus, but after they had access to certain reports and information. This report on CNN Politics as well as this report on Propublica provide further details.

Also related to current times,  increased market volatility can in some cases change how abuse may both be carried out and monitored for. This article by Nasdaq looks at some of those issues.

Two weeks ago, this report was published on Bloomberg Law around an investigation by the US Justice Department into possible market manipulation by high-frequency trading firm Allston Trading LLC. The article quotes a response denying any wrongdoing.

This article on Lexology by Gary DeWaal of Katten Muchin Rosenman LLP reports that four individuals formerly associated with JP Morgan and indicted for purported spoofing activities from March 2008 through August 2016 moved to dismiss their 14-count indictment on the grounds that their alleged misconduct does not constitute fraud. The case is further referenced here.

In Asia, the Dalian Commodity Exchange reported here that there were 34 investigations into abnormal transactions in February.

 

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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