Broker fined for MAR breach
The UK's Financial Conduct Authority (FCA) has fined a broker group 4,775,200 GBP, for breaches of the Market Abuse Regulation Article 16(2), which requires "Professional Persons Arranging or Executing Transactions"…
MAR Effective monitoring fine and REMIT forum registration
In what is proving to be a "big news" day, the FCA has announced a fine levied against a broker for various failings, including failing to carry out "effective monitoring"…
Fines large and not quite as large in the US
The last weeks have seen a set of fines issued in the US: Several banks were fined a total of approximately $1.8bn in total for improper use of messaging apps.…
Manipulation settlements and fines in the US
Last Friday FERC approved a settlement of $181m against Greenhat Energy to finalise a long running case around market manipulation in the PJM market (see here). The alleged offence involved…
Citigroup fined £12.5 million for surveillance and monitoring failings
The UK's Financial Conduct Authority has fined Citigroup Global Markets Limited 12,553,800 GBP for failure to comply with the Market Abuse Regulation Article 16(2), which requires "effective surveillance", as well…
Catch up – Traders found guilty, REMIT Quarterly and more
This blog has returned after an unexpected break. Last week, two senior traders, formerly of JP Morgan were found guilty of several offences relating to spoofing in precious metals futures…
FCA Market Watch on MAR risk assessments and surveillance – Metals market surveillance
The UK's Financial Conduct Authority (FCA) has issued the latest version of their Market Watch newsletter, which can be found here. The newsletter focuses on risk assessments that are carried…
More pushback against market interventions – Traders fined – Action re oil market manipulation
An article has been published here on the EURACTIV web site by Christoph Maurer and Lion Hirth arguing against the proposed market interventions in Spain and Portugal. These are being…
Response published to UK Wholesale Markets Review and a comment on MAR with respect to the Ukraine situation
The UK's HM Treasury has published this response to the Wholesale Markets Review that was run last summer(see here). The review looks at potential changes to MIFID II and other…
2022 begins
As the year opens, here we gather a few thoughts on what we can expect for the year ahead, with respect to the primary rules covered by this blog, and…