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MAR

This category contains 77 posts

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

Trader acquitted of spoofing precious metals in US

Andre Flotron, an ex UBS trader who was accused of spoofing on the Comex market in precious metals futures, was yesterday acquitted of the charge, as reported here on the Bloomberg web site and also here on the New York Times web site.  Flotron was accused of spoofing in gold and silver futures at various … Continue reading

Streamlining regulatory reporting – document from Europex

This blog has covered the many streams of regulatory reporting to which market participants have become subject to over the past years. The burden is also high for trading venues, who must meet a thicket of requirements. This response by Europex, to the European Commission as part of the Commissions, “fitness check on supervisory reporting” … Continue reading

Algorithmic trading, anti abuse measures and an interesting view on insider trading

The focus on algorithmic trading with regards to anti abuse measures continues. Last week, Nasdaq published this article entitled “Best Practices in Algorithmic Trading Compliance”. It summarises the measures outlined in the FCA’s recent paper on the topic (see here). It includes surveillance, testing and training issues, which in many cases are advised regardless of … Continue reading

Algorithmic trading – FCA report and more

The UK’s Financial Conduct Authority (FCA) yesterday issued this report on “Algorithmic Trading Compliance in Wholesale markets. It reviews the requirements of MiFID II, MAR and local legislation for those companies engaging in algorithmic trading in covered instruments. The document reminds the market that any company which engages in “algorithmic trading” in financial instruments is … Continue reading

Ofgem REMIT powers, fines set and more anti abuse developments

There has been more activity this week on the anti abuse side of things, following Monday’s post here on recent fines. Ofgem, the National Regulatory  Authority for the GB energy market, is to be given more powers by the UK government to enforce REMIT in terms of access to documents and the power to take … Continue reading

Anti-abuse fines on both sides of the Atlantic and more

There has been an increased focus on anti abuse activity in the energy and commodities markets over the past year, due to a combination of the start of MAR in July 2016, the start of REMIT data collection and also increased investigations by both financial and energy regulators. This year has already seen a fine … Continue reading