UK Trader Fined And Barred For Life On Bond Sale to BoE

Regulators have fined a trader more than £660,000 for deliberately manipulating the UK bond market.

Mark Stevenson has also been banned from all city trading for life.

He tried, unsuccessfully, to sell a £1.2bn holding to the Bank of England at an artificially high price during its quantitative easing purchases (QE) on 10 October 2011.

The Financial Conduct Authority (FCA) said the former Credit Suisse trader’s conduct was “particularly egregious”.

“Stevenson’s abuse took advantage of a policy designed to boost the economy with no regard for the potential consequences for other market participants and, ultimately, for UK tax payers,” said Tracey McDermott, the FCA’s director of enforcement.

via BBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza