Tribunal upholds spoofing decision despite no ‘smoking gun’
Decision shows trading patterns alone can be enough for UK regulators to demonstrate market manipulation
A UK court decision has shown that regulatory charges of market manipulation can be upheld even without direct evidence of traders colluding.
In July, the Upper Tribunal upheld the findings of the Financial Conduct Authority that three Mizuho Traders – Jorge Lopez Gonzalez, Poojan Sheth and Diego Urra – were complicit in ‘spoofing’: placing bogus orders to move market prices in their favour.
Lawyers
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