Rahman Ravelli has compiled an international panel of experts for a webinar that will examine recent criminal and civil regulatory actions against spoofing and other forms of market manipulation. The event, entitled “Market Manipulation – Legal Developments and Defence Strategies” will be held at 3 pm GMT (10 am EST) on Wednesday December 9th.
Market manipulation was a major focus for American regulators in 2020, driven in part by advances in market surveillance software and data analytics. The Commodities Futures Trading Commission (CFTC) resolved its second highest ever number of enforcement actions related to spoofing and shattered its annual record for monetary penalties. The Department of Justice (DOJ) also recorded major successes in spoofing cases this year, including JP Morgan’s record-setting $920 million DPA to resolve allegations of endemic spoofing on its precious metals desk.
In the UK, market overseers have begun to follow the lead of their US counterparts by investing more resources in analysing market data to identify potentially manipulative conduct. After announcing a number of open market manipulation investigations, the Financial Conduct Authority (FCA) recently imposed a civil penalty against a London-based trader for spoofing in violation of the Market Abuse Regulation.
Because US and UK prohibitions against market manipulation apply to anyone trading in these markets (wherever they are physically located), this webinar will be of interest to commodities futures traders, FX traders, compliance officers and defence lawyers based in countries across the globe.
Scheduled topics for discussion include:
- DOJ’s novel theory of RICO criminal liability in US v. Smith
- An examination of the SEC’s win in SEC v. Lek and its ongoing case against dozens of Chinese nationals for alleged spoofing in US equities markets
- What the wire fraud conviction in US v. Vorley means for manual traders
- Lessons learned from the acquittal in US v. Flotron
- Importance of market microstructure and trade data in defending against spoofing claims
- Whether algorithmic traders can rightfully claim to be “victims” of manual spoofers
- Does the law create a clear line between legal and illegal trading?
The panel will be chaired by Sasha Wass QC, a barrister who has been involved in some of the most notable and high-profile financial crime cases. These include Kweku Adoboli, the rogue trader responsible for the largest- ever British banking fraud - which involved $2.3 billion - and high-value cases involving state officials and financiers.
Panel members will include:
Nathan Muyskens: Partner at Greenberg Traurig. Co-chair of the Global White Collar Criminal Defense Practice. Represents corporates and individuals in investigations and prosecutions, regulatory enquiries and civil proceedings. Co-leader of the defence in US V Flotron; the first ever acquittal in a commodities spoofing trial.
Barry Vitou: Partner at Greenberg Traurig. A white-collar crime specialist with vast experience of cases brought by UK and US law enforcement agencies, including the SFO, FCA, the DOJ and SEC, who advises clients around the world on investigations, compliance and prosecutions.
Emre Carr: New York-based Senior Managing Director at FTI Consulting. An economist specialising in financial regulations and an authority on financial, accounting, economic and governance issues; including those relating to high-frequency and algorithmic trading in futures and equity markets.
Joshua Ray: Legal Director at Rahman Ravelli. Head of the firm’s US-facing business crime practice group, with in-depth experience of market manipulation cases and other investigations conducted by the DOJ, CFTC, Securities and Exchange Commission (SEC) and other national and international regulators.
Neil Williams: Rahman Ravelli Legal Director with an enviable track record in cases involving financial services markets and specialist expertise in multinational investigations involving commodities and securities and national and international enforcement agencies.
The webinar is free to attend. Follow this link to register.