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MAR

This category contains 105 posts

Anti abuse news – and a panel

Recent market manipulation cases (for example see here) have continued the trend of an increased focus on anti abuse activity on the part of regulators. Earlier this year, the UK’s FCA issued a business plan (see here) which included a further focus on anti abuse activity under MAR. The FCA uses data collected under MiFID … Continue reading

Mis-marking case in the US

The CFTC has charged a former natural gas trader for fraudulently mis-marking physical and futures natural gas trades, as announced in this press release. David Smothermon is alleged to have engaged in a multifaceted scheme that, among other things, involved causing false and deceptive entries in the company’s internal record-keeping system to exaggerate the value … Continue reading

FCA issues “Dear CEO” letter to wholesale brokers

The UK’s Financial Conduct Authority(FCA)  has issued this open letter to the CEOs of wholesale brokers, across several asset classes. The letter identifies some issues observed by the FCA at broker firms, focusing on four issues that could be causing “harm”: Compensation arrangements Governance arrangements Dealing with conflicts of interest A culture and mindset that … Continue reading

Anti abuse trials

See here for an article on Bloomberg about the ongoing case of Fabiana Abdel-Malek, a former compliance officer at UBS AG, and Walid Choucair a day trader. It is alleged that  Abdel-Malek gave “tips” based on inside information to Choucair. The article  mentions that a “burner” phone was used, with SIM cards being switched frequently. … Continue reading

Appeal against “improper monitoring” fine fails

Last week, the UK’s Upper Tribunal rejected an appeal lodged by Linear Investments against a fine of £409,300 levied against them by the UK’s FCA  last October (see here). The fine was levied under legislation that pre-dates the Market Abuse Regulation(MAR) relating to the requirement on financial firms to appropriately monitor activity for market abuse, … Continue reading

Updated MAR Q+A – News on EAMP requirements

Last week ESMA published this updated version of the Questions and Answers document on the Market Abuse Regulation. It contains some additional information on the rules that apply to “Emissions Allowance Market Participants” (EAMPs). An EAMP has additional requirements under MAR, including the obligation to publish certain types of “inside information” relating to the emissions. … Continue reading

REMIT dawn raid

ACM, the National Regulatory Authority of the Netherlands, has  announced that they have carried out a dawn raid on a company within the country, as part of an investigation into a REMIT breach related to insider trading. The press release is here. This is the latest is a series of abuse related events under REMIT, … Continue reading

ACER paper on layering and spoofing and other market abuse news

Last Friday, ACER issued this report on the application of the REMIT market manipulation prohibition (Article 5) in relation to layering and spoofing. This is the third such “example market abuse” paper issued by ACER, with one on capacity hoarding  issued in 2018 (see here) and one on wash trades in 2017 (see here). The … Continue reading

Another REMIT fine

Yesterday the Bundesnetzagentur, Germany’s National Regulatory Authority, announced that Uniper Global Commodities SE has been fined €150,000 for breaches of REMIT relating to market manipulation. In addition, two traders have been fined €1,500 and €2,000 respectively. The press release in English can be found here and in German here. The announcement is the latest in … Continue reading

3 weeks to go until the open anti abuse forum

There are just under 3 weeks to go until the open anti abuse forum for energy and commodities takes place in London on the 11th March 2019. This discussion forum is open to all professionals in the European energy and commodities markets to provide a public mechanism to discuss issues arising out of the implementation of … Continue reading