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Rapid Response Team: 0800 559 3500
Switchboard: +44 (0)203 947 1539
Rapid Response Team: 0800 559 3500
Switchboard: +44 (0)203 947 1539
 

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Market Manipulation

Rahman Ravelli specialises in guiding traders, investors and financial firms through the vast amounts of market manipulation regulation in two of the world’s largest and most active markets: the United States and the United Kingdom. Our cross-border team has vast experience of representing clients facing scrutiny or legal action from these countries’ primary market regulators, including the CFTC, SEC, DOJ, SFO, and FCA. Read more about Market Manipulation Investigations

Mar
2021

SPACS and The Law 5 min read
By Syedur Rahman March 10, 2021
Syedur Rahman, partner at financial crime specialists Rahman Ravelli, assesses the legal issues relevant to the rise of special purpose acquisition companies (SPACs).  Read more

Feb
2021

The EU Market Abuse Directive and the right to silence 2 min read
By Nicola Sharp February 26, 2021
Nicola Sharp of Rahman Ravelli considers a ruling that affects an individual’s ability to avoid self-incrimination Read more

Jan
2021

Is DOJ’s “Spoofing as Wire Fraud” Theory Really Just “Right to Control” by Another Name? 10 min read
By Joshua L. Ray January 25, 2021
The federal wire fraud statute prohibits “any scheme or artifice to defraud, or for obtaining money or property by means of false or fraudulent pretenses, representations, or promises” via an electronic communication.1 The statute’s loose wording makes it adaptable, and federal prosecutors have creatively used it to target a “staggeringly broad swath of behavior.”2 While courts have generally validated this expansive approach, DOJ has on occasion drawn criticism for trying to “stretch the reach” of the wire fraud statute “far beyond where [it] should go.3 Read more

Dec
2020

Spoofing and Market Manipulation - 2020 Year in Review 36 min read
By Joshua L. Ray, Nicola Sharp, Josie Welland December 4, 2020
Among the many changes in 2020, at least one thing remained constant: US law enforcement's focus on "spoofing" and similar variations of market manipulation. The CFTC, SEC, and DOJ all notched important wins despite defendants' continued efforts to chip away at regulators' evolving theories of liability. Read more

Oct
2020

CFTC Continues to Target Small Overseas “Spoofers” 9 min read
By Joshua L. Ray October 12, 2020
IntroductionOn September 29, 2020, the Commodity Futures Trading Commission (CFTC) announced a record-setting $920 million settlement with JP Morgan for alleged spoofing in U.S. precious metals and Treasury futures markets.  That same day, it filed an anti-spoofing enforcement action against decidedly smaller targets: Roman Banoczay, Jr. and Sr., a father-son trading duo based in Bratislava, Slovakia.1 While the JP Morgan settlement shows the continued reluctance of large financial institutions to challenge spoofing allegations in court, the Banoczays and other small-scale traders have significantly greater incentives to put up a fight.   Read more

Sep
2020

DOJ’s Flawed Spoofing Theory: Are High Frequency Traders Really the “Victim”? 11 min read
By Joshua L. Ray September 10, 2020
The Commodities and Exchange Act (CEA) defines “spoofing” as “bidding or offering with the intent to cancel the bid or offer before execution.” 1 Put into plain language, the law makes it illegal for traders to enter orders onto securities exchanges that they do not actually want to be filled.   Read more