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Anti abuse news – more cases and investigations

As part of our catch up, this post highlights some of the anti-abuse news of interest in recent weeks.

Mark Steward, Executive Director of Enforcement and Market Oversight at the FCA has given this speech on “locking down market abuse”. The speech discusses the improved monitoring capabilities of the FCA. It notes that there was a temporary decline in the number of Suspicious Transaction and Order Reports (STOR) over the lockdown period but that the rate has once again returned to previous levels.

A trader has pled guilty to charges of conspiracy to manipulate a key oil benchmark, by submitting misleading bids and offers to a benchmark provider during the pricing window. The DoJ press release, which can be found here, further describes the case.

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ICE Futures Europe has fined a firm £75,000 after the early settlement discount for inadequate standards with with regard to record keeping, recorded media and timestamping requirements. The notice can be found here.

The FCA has fined a trader £52,500 for executing wash trades. The notice can be found here. The activity occurred in equities, where the wash trades were entered into in order to meet minimum volume requirements.

This paper by Latham & Watkins titled “Insider Trading in Commodities Markets: An Evolving Enforcement Priority” looks at how the CFTC and DoJ are increasing enforcement against inside information rule breaches in the commodities markets.

The FCA have opened their first criminal case against a bank under the Money Laundering Regulations 2007. The press release can be found here. No individuals have been charged.