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MAR

This category contains 83 posts

FCA reminds that “peer” approaches to MAR compliance are invalid – and other anti abuse news

Earlier this week, the FCA issued this Market Watch document on market conduct and transaction reporting issues. There are several observations on market abuse surveillance, some of which are relevant for energy and commodities market participants: That systems must be calibrated according to the company’s requirements, and not on a “communal” basis, i.e. with commons … Continue reading

Dawn raid in physical withholding case in Romania and a case in the US

The Romanian Competition Council, in cooperation with the ANRE (the National Regulatory Authority of Romania) has carried out dawn raids as part of an investigation into a possible abuse of a dominant position of Hidroelectrica SA. The announcement can be found here. Hidroelectrica are alleged to have ” limited the quantity of traded energy on some … Continue reading

Large ING settlement for money laundering includes significant disgorgement element

The Dutch bank ING has reached a settlement with the Dutch Public Prosecution Service of €775m for failures in anti money laundering procedures and compliance, which permitted accounts to be used for criminal activity. The announcement from ING can be found here, and an article on the topic on FT.com here. The settlement is split into … Continue reading

Study of “misconduct patterns” and more cases

The FICC Markets Standards Board (FMSB) has issued the results of a “Behavioural Cluster Analysis” on misconduct patterns in the financial markets. The key document  can be found here, with other supporting documents found here.  The study has examined market misconduct cases going back to 1814, with some interesting  findings, which include: The misconduct revolves … Continue reading

Traders indicted in metals futures spoofing case

Two traders formerly of Deutsche Bank have been indicted by a court in the US for “spoofing” in metals futures, according to this article on the Reuters web site. The case relates to orders placed on the CME Comex exchange in gold, silver, platinum and palladium futures. The complaint document from the CFTC can be … Continue reading

Large manipulation fine in agricultural trading and more

The spate of anti abuse activity has continued since our last post (see here). The CFTC has settled with Lansing Trade Group LLC for $3.4 million, in a physical-financial manipulation case in agricultural trading. The CFTC press release can be found here and the order here.  This is another example of the use of physical … Continue reading

JP Morgan manipulation fine and other anti abuse news

JP Morgan has settled with the CFTC for $65m for the attempted manipulation of the ISDAFIX benchmark. The press release can be found here and the order here. The fine relates to activity from 2007 to 2012, during which time there were attempts to influence the benchmark by both trading activity (trading in the pricing window … Continue reading

Crypto spoofing and other anti abuse news

The fight against market abuse continues with reports that the CFTC and US Justice Department is investigating alleged market manipulation in crypto currencies. The case is reported here on Bloomberg amongst other places. A suit by a group of investors seeking damages from Total Gas & Power North America, Inc., Total S.A., and Total Gas … Continue reading

Insider traders confiscation orders and other anti abuse news

The FCA has reported here that confiscation orders have been made against two individuals who have already been convicted of insider trading in a complex scheme, discovered as part of “Operation Tabernula” in 2016 (see here). This is part of the FCA focus on anti market abuse activity which has been seen recently. In the … Continue reading

Goldman Sachs pays $110m in the US relating to inside information disclosure

Goldman Sachs has agreed to pay a settlement in the region of $110m, split between the New York Department of Financial Services and the Federal Reserve Board, for the improper use of inside information relating to client orders in chat rooms. An article on the settlement can be found here on the Bloomberg web site.  … Continue reading