BROWSE BY TOPIC
- Bad Brokers
- Compliance Concepts
- Investor Protection
- Investments - Unsuitable
- Investments - Strategies
- Investments - Private
- Features/Scandals
- Companies
- Technology/Internet
- Rules & Regulations
- Crimes
- Investments
- Bad Advisors
- Boiler Rooms
- Hirings/Transitions
- Terminations/Cost Cutting
- Regulators
- Wall Street News
- General News
- Donald Trump & Co.
- Lawsuits/Arbitrations
- Regulatory Sanctions
- Big Banks
- People
TRENDING TAGS
Stories of Interest
- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
- Catherine Keating Appointed CEO of BNY Mellon Wealth Management
- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
- Massachusetts Jury Convicts CA Attorney of Securities Fraud
- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
ABOUT FINANCIALISH
We seek to provide information, insights and direction that may enable the Financial Community to effectively and efficiently operate in a regulatory risk-free environment by curating content from all over the web.
Stay Informed with the latest fanancialish news.
SUBSCRIBE FOR
NEWSLETTERS & ALERTS
FOLLOW US
Ex-Moore Trader Settles Market Manipulation Case
July 26, 2011
The CFTC heavily sanctioned a former hedge fund manager at Moore Capital Management for engaging in a trading practice known as "banging the close. Christopher Louis Pia agreed to pay a $1mn fine and a trading ban to settle CFTC charges he tried to manipulate prices of palladium and platinum futures contracts on the New York Merc.
Banging the close, similar to "marking the close," occurs when a trader buys or sells a large number number of futures contracts just before a given market closes in an effort to disrupt the price. That, in turn, typically favors a different position held by the trader that profits from the swing.Pia, once an associate of Moore Capital’s founder Louis Bacon, is permanently banned from trading any product regulated by the CFTC during the market’s closing period and any such product related to platinum or palladium. Pia, who founded the hedge fund Pia Capital Management, will have to distribute the regulator’s order to his current investors, prospective investors, and current and future employees. A similar settlement was reached with Moore Capital last year, costing the hedge fund some $25 million. The fund, which makes bets on the economy by trading commodities, currencies and other securities, manages assets of $15 billion. [Dealbook, 7/25/11]
Related Stories: Archive
-
Legal Funding Firm Accused of Scamming 9/11 Heroes, NFL Retirees
February 8, 2017 -
Elizabeth Warren, Wall Street Pariah, Now Has Lost Her Left-Wing Following
January 19, 2017 -
What We Know and Don’t Know About the Trump-Russia Dossier
January 11, 2017