
Tribunal halves former trader’s market-manipulation penalty
The FSCA improperly allowed cost-recovery considerations to influence the sanction and did not assess the applicant’s financial benefit separately from his client’s.

The FSCA improperly allowed cost-recovery considerations to influence the sanction and did not assess the applicant’s financial benefit separately from his client’s.

The regulator is scrutinising how derivative positions, suspicious trading, and failures by gatekeepers can undermine market integrity.