Page 739 - 《期货和衍生品行业监管动态》（2022年合集）

期货和衍生品行业监管动态

The FCA has published Decision Notices given to Diego Urra, Jorge Lopez
Gonzalez and Poojan Sheth, three bond traders, for market abuse.

The FCA has decided to ban Mr Urra, Mr Lopez Gonzalez and Mr Sheth from

performing any functions in relation to regulated activity. The FCA has also imposed

fines of £395,000 on Mr Urra and £100,000 each on Mr Lopez Gonzalez and Mr

Sheth.

The traders, who worked at Mizuho International Plc at the time, have referred

the Decision Notices to the Upper Tribunal where they and the FCA will each present

their cases.

The Tribunal will then determine what, if any, is the appropriate action for the

FCA to take, and will remit the matter to the FCA with such direction as the Tribunal

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.

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