FCA bans bond traders for market manipulation

The FCA has published Decision Notices banning Diego Urra, Jorge Lopez Gonzalez and Poojan Sheth from performing any functions in relation to regulated activity.

The FCA considers that the traders placed large misleading orders for Italian Government Bond futures (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 BTP Futures. At the same time, they placed small orders which they did intend to execute on the opposite side of the order book.

As well as banning the individuals, the FCA has also imposed fines of £395,000 on Mr Urra and £100,000 each on Mr Lopez Gonzalez and Mr Sheth.

Lucy Hadrill