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MAR

This category contains 128 posts

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 … Continue reading

FCA’s Call for Input on accessing and using wholesale data

Last week the UK’s Financial Conduct Authority(FCA) released this Call for Input(CFI) on “Accessing and using wholesale data”. The CFI covers: Trading data Benchmarks Market data vendor services The CFI examines many issues including the pricing and availability of trade and order data across different venue types, which could for example be used as part … Continue reading

Anti abuse forum deadline near – FCA STOR statistics

There is only one week to go until the open anti-abuse forum is to be held in London, on 9th March 2020. Registration is available here and will close within the next two days. On Friday, the FCA published annual statistics on the number of Suspicious Transaction or Order Reports (STOR) submitted to them in … Continue reading

Two weeks to the anti-abuse forum – and case updates

There are two weeks to go until the 3rd anti-abuse forum is held in London, on 9th March 2020. ETR Advisory and the Market Abuse Centre jointly organise the events for the energy and commodities industries, which are open to all professionals in the European energy and commodities markets. No membership of any organisation or … Continue reading

More anti abuse activity

In addition to the REMIT fines announced last week (see here) and the week before (see here) there has been other anti abuse activity this year: In the US, this article on Lexology by Shearman &Sterling LLP describes a further action in the issues around wheat futures manipulation, which started in the middle of last … Continue reading

3rd open anti-abuse meeting and more cases worldwide

This year has already seen one REMIT fine (see here) as well as anti-abuse activity in other parts of the world. For example the Dalian Commodity Exchange in China announced here that 116 abnormal transactions were investigated in Q4 2019. In the US, the ongoing case in the alleged manipulation of where futures continues, as … Continue reading

ESMA MAR documents – more regulatory activity expected

ESMA released a series of documents relating to MAR towards the end of last week: STOR peer review report (here) – The report reveals that the number of STORs submitted has increased significantly since the start of MAR and since. However, most of the increase relates to equity-based STORs. Page 39 reveals that “there are … Continue reading

Fines in the financial markets

A 2 million Euro fine has been issued under MAR to ABN Amro for late disclosure of inside information. The notice can be found here. In the UK, the PRA (Prudential Regulation Authority) has fined Citigroup £44 million for failings in reporting. These failings relate to internal controls and governance arrangements underpinning compliance with regulatory … Continue reading

More US anti abuse activity – precious 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 … Continue reading

Anti abuse activity continues in the US

Anti abuse penalties continue to increase in the US following recent fines (see here). These include a settlement of $67.4 m between the CFTC and Tower Research Capital LLC for spoofing. The  CFTC press release can be found here and the order here. This article on the FT web site summarises the case. In commodities, … Continue reading