UK Trader Fined For Fake Spreadbetting Orders

Law360, London (September 16, 2020, 4:47 PM BST) -- The Financial Conduct Authority said Wednesday it has fined a trader £100,000 ($129,900) for manipulating equities markets by placing fake spreadbetting orders, also banning him from participating in any regulated activities.

The FCA said the fine was imposed on Corrado Abbattista, a trader and a portfolio manager, partner and chief investment officer at Fenician Capital Management LLP, for market abuse offenses relating to trading in contracts-for-difference in 2017.

The penalty will not come into effect straight away as Abbattista is appealing the decision to the Upper Tribunal.

"Mr. Abbattista was aware of the risk that his actions might constitute market manipulation,...

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