Page 63 - 期货和衍生品行业监管动态（2022年12月）

期货和衍生品行业监管动态

considers appropriate for giving effect to its determination and in relation to the
prohibition orders, whether to dismiss the references or remit them to the Authority

with a direction to reconsider and reach a decision in accordance with the findings of

the Tribunal.

The Tribunal’s decision will be made public on its website. Accordingly, the

proposed action outlined in the Decision Notices will have no effect pending the

determination of the case by the Tribunal.

The FCA considers that the traders placed large misleading orders for BTP

Futures that they did not intend to execute, giving false and misleading signals and a

false or misleading impression as to the supply or demand of Italian Government

Bond futures (BTP Futures) between 1 June 2016 and 29 July 2016. At the same time,

they placed small orders which they did intend to execute on the opposite side of the
order book.

The FCA considers that the individuals repeated this pattern of deliberate and

intentional market manipulation on a number of occasions and were dishonest.

In the FCA’s view, the fines and the bans that it has decided to impose reflect the

serious nature of the breaches set out in the Decision Notices and should act as a

deterrent to other market participants.

There are no other ongoing investigations or actions relating to the trading.

Notes to editors

1. The Decision Notices outline the reasons for the FCA’s actions.

2. Decision Notice for Diego Urra.

3. Decision Notice for Jorge Lopez Gonzalez.
4. Decision Notice for Poojan Sheth.

5. Find out more about decisions made by the Tribunal.

6. “BTP” means Italian Government Bonds, Buoni del Tesoro Poliannuali.

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