FCA bans trader for market manipulation
Daniela Esnerova, 16 September 2020
The FCA has banned “experienced trader” and portfolio manager Corrado Abbattista from performing any functions in relation to regulated activity for market abuse.
The regulator has also imposed a fine of £100,000 on Abbattista, who is a partner and chief investment officer at Fenician Capital Management.
In its decision notice, the FCA said it considers that between 20 January and 15 May 2017, Abbattista repeatedly placed in the market large misleading orders for contract for differences, referenced to equities, which he did not intend to execute.
“At the same time, he placed smaller orders that he did intend to execute on the opposite side of the order book to the misleading orders,” the regulator wrote.
FCA’s decision notice states: “Through his large and misleading orders, Abbattista falsely represented to the market an intention to buy/sell when his true intention was the opposite.
“At the same time, his misleading orders were for volumes of shares far greater than the typical market size, which would also have created a false and misleading impression regarding the true supply of and demand for the shares in question to other market participants.”
