Ofgem, Great Britain’s National Regulatory Authority, has fined a market participant 5.4M GBP for failing to comply with communication retention rules that are found in the UK version of REMIT. It is the first such fine under these rules, which were put in place as part of the original REMIT transposition. The notice can be found here.

Two traders formerly of JP Morgan were yesterday given jail sentences for their part in the spoofing schemes in precious metals futures that are reported to have taken place between 2008 and 2016 (see here). The Department of Justice press release can be found here. The scheme also led to a very large fine being imposed in 2020 (see here).