A broker-dealer and its chief executive officer settled charges brought in 2017 by the Securities and Exchange Commission that the firm facilitated manipulative conduct by a customer, despite being alerted by regulators and...more
The U.K. Financial Conduct Authority has published the Final Notice (dated October 30, 2018) that it issued to a former employee of a major international bank, prohibiting him from performing any function relating to any...more
The U.K. Financial Conduct Authority has issued a Final Notice to a former employee of a major EU bank, prohibiting him from performing any function in relation to any regulated financial activity. The individual had been...more
Discussion of LIBOR was catapulted back into the spotlight last summer when Andrew Bailey, Chief Executive of the UK’s Financial Conduct Authority (FCA), gave a speech1 on the reference rate’s future. The key take-away was...more
A former trader at a major financial institution has received a £180,000 fine and been banned by the U.K. FCA from performing functions relating to regulated financial activity. This follows on from the FCA’s £226.8 million...more
The Financial Conduct Authority published a Final Notice in relation to Neil Danziger, a former RBS interest rate derivatives trader, in connection with his involvement in the manipulation of Japanese Yen LIBOR. The FCA...more
The growth of global enforcement systems raises important policy issues and risks for enforcement authorities. In an interesting case, US v. Allen and Conti, the Second Circuit Court of Appeals reversed criminal convictions...more
The PCAOB filed a settled action involving an auditing firm in which the consent order of settlement was based on admissions of facts. The approach is similar to the one adopted by the SEC in which the Commission requires...more
Alleged Flash Crasher's Formal Indictment Provides More Details Regarding His Purported Spoofing - The US Department of Justice filed a formal indictment against Navinder Singh Sarao in a US federal court in Chicago on...more
NJ-Based Trader Previously Sanctioned by UK FCA, CFTC and CME Indicted in Chicago for Same Spoofing Offenses - New Jersey resident Michael Coscia, the prior manager and sole owner of Panther Energy Trading LLC, was...more