UK must take leaf from US playbook to counter spoofing
Markedly different trans-Atlanticoutcomes in the fight against spoofing, point to the need for the UnitedKingdom to close a legislative gap, argues Florian Nitschke.
Florian Nitschke (www.kroll.com/en/our-team/florian-nitschke) is director, Financial Services Compliance and Regulation, at Krollin London. He has previously worked with the FCA and specialises in wholesalemarket matters.
The United States authorities are widelyregarded as leading the world in enforcing against abuse in financial markets.While
they had historically concentrated their ire on investment banks andbrokers, they have increasingly directed criminal enforcement
activity at individuals.On 21 and 28 June 2021, for example, two former Deutsche Bank traders weresentenced to a year and
a day in prison each by a Chicago federal judge forspoofing metals futures markets.