UK Regulator Can't Ban Metals Trader Over Market Abuse

Law360, New York (September 2, 2011, 2:31 PM EDT) -- A U.K. tribunal dealt the Financial Services Authority a blow Friday in its case against a former metals trader at Commerzbank AG unit Dresdner Kleinwort Ltd. accused of market abuse involving lead contracts, barring the agency from banning or fining him.

The three-judge Upper Tribunal of the Tax and Chancery Chamber ruled unanimously that Jason Geddis committed market abuse by keeping lead contracts prices on the London Metal Exchange at an abnormal level. It told the FSA to impose a public censure on the trader, but...
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