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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

Market Manipulation Defence and Investigations

Spoofing and other market manipulation remains a top priority for law enforcement agencies. The line separating legal from illegal trading is often unclear. Avoiding or defending against regulatory action requires deep understanding of markets, trading strategies and the legal framework.

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Overview

Market manipulation is an ever-evolving area. The changing nature and increased globalisation of markets mean that the scope for manipulation, and the possibility of being accused of it, are also subject to variation.

Successfully avoiding, or defending against, regulatory action in this area requires an in-depth understanding of trading and market mechanics.  It also requires experience facing off against the  regulatory agencies that oversee the markets and impose criminal and civil penalties.

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.

We also routinely advise clients involved in internal investigations related to potential market-related misconduct.  Our aggressive approach to market manipulation matters starts with a deep dive into the conduct at issue to fully understand the trading strategies that may lay behind it.  We then work with our clients and our network of trading experts to craft a defence narrative explaining why no laws or regulations were violated.

Joshua L Ray

Joshua L. Ray

Partner

joshua.ray@rahmanravelli.co.uk
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Joshua Ray represents individuals and corporates in complex investigations, prosecutions and regulatory actions regarding market manipulation and multijurisdictional matters involving fraud, bribery and money laundering.

A leading fraud and corporate crime defence firm.
The Times Best Law Firms 2021

Legal Articles

Is DOJ’s “Spoofing as Wire Fraud” Theory Really Just “Right to Control” by Another Name?
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 electron...

10 min read - Published Jan 2021
Spoofing and Market Manipulation - 2020 Year in Review
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 importa...

36 min read - Published Dec 2020
CFTC Continues to Target Small Overseas “Spoofers”
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 Tr...

9 min read - Published Oct 2020
DOJ’s Flawed Spoofing Theory: Are High Frequency Traders Really the “Victim”?
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 ...

11 min read - Published Sep 2020

Events

WEBINAR: Market Manipulation – Legal Developments and Defence Strategies

Rahman Ravelli hosted a webinar analysing market manipulation regulation in the US and UK. Rahman Ravelli's Joshua Ray and Neil Williams joined an international panel of experts for a webinar to examine recent criminal and civil regulatory actions against spoofing and other forms of market manipulation.

9th December 2020

Watch the Video